Yellow solid lines mark the trading range.
Yellow dotted will be future MP centre and level of interest.
Lower yellow price will be support with bulls pushing back up.
Upper blue line will take turns as support and resistance.
Lower blue line will be final destination subject to PBOC refixing rate.
Precise entry level tough given slim volume up here. I'd...
The Chinese Yuan has lost a lot of ground against the dollar and it is currently trading at a critical price point. With a double-top set-up and a bearish RSI divergence, will the Yuan obey technicals or will fundamentals remain at play and the Yuan will continue depreciating against the dollar?
Technically, it speaks for itself.
This pair has made a Bi-Lateral flag which it can go any direction. However, my believe is that it will break down followed by a sharp uptrend. If we look at the monthly chart, we notice that we are right by Monthly trend line as well as 52 weeks High 7.3750.
The USDCNH is breaking out of a triangle today ahead of key Chinese data. On Wednesday morning in Asian trade, China will release retail sales, GDP< unemployment rate and Fixed Asset Investment. Ahead of this, the pair is already threatening a move to the key resistance at the 7.3800 level. A level that has capped the market in October 2022 and Sept 2023. A break...
Support 7.2800 is confirmed multiple times and holding solid to go Bullish.
0- Monthly overall is Bullish
1- EMA, 20, 50, 200 on Weekly are Bullish
2- There is no specific Chart Pattern on Weekly
3- Stochastic on Weekly shows "K" line cut "D" line and it's Bearish. However, this is not a strong formation.
4- EMA, 50, 200 on Daily are Bullish
5- Stochastic...
The USD/CNH has been consolidating near the previous year’s high of 7.3450. But over the next week or so, there will be lots of key data releases from both the US and China to move this pair decisively. The key support level to watch is at 7.2700. A break below this level is needed to ignite some real selling pressure.
FOMC meetings minutes
Wednesday, October...
Price after fundamentals essentially goes up and down and focusing on the price opening of the year, one can then choose to focus if all setup to choose is long or short. A quick way to reduce your trades and focus solely on 1 thing is to see if current price is above or below the year's opening price.
Here for example, price moves away from this years open to...
Levels above current price have historical bases of where price may go further.
It is a good speculative area. While the basi is indeed fat enough to hold the price from going down.
CNH USD is looking like it is ready to take some more momentum. The system for how we spend our money is currently being renovated at a global scale, most places are affected to say the least. From the looks of it a descending scallop pattern has taken the chance to retest key support after the Discourse back in the last half of Q1. It could be a simple retest...
The US dollar index hit its highest level since early March this week, but the yuan is one of the few currencies to rise against the USD over the period.
This was facilitated, among other things, by strong economic data published today:
→ Industrial production growth in August amounted to +4.5% in annual terms (expected +3.9). This is the strongest progress in 1...
USD/CNH remains in a soliud uptrend on the daily chart and, after consolidating around the June highs and forming a bullish hammer at 7.25, the swing low appears to be in. A bullish range expansion day broke the bearish resistance line, and bulls could seek to enter upon any pullbacks towards yesterday’s low for a tigher long entry.
The bias remians bullish above...
-Economic Strength: China is the world’s largest exporter and remains the second largest economy, behind the United States1. This economic strength can influence the value of the Yuan.
-Currency Control: China has used its control over its exchange rate to help ward off global financial crisis and maintain its dominant trade position1. This control can lead to...
Hello traders,
Wave A is supposed to end at 7.29166 zone. Then wave B is supposed to materialise towards
the resistance zone at 7.32987. After that wave C is supposed to materialise towards the
support zone at 7.20623.
Thanks.
