A nice bearish setup on USDCNHSell USDCNH on a retest of a broken neckline, Target & stop loss as seen on the chart 📈 Shortby Versatile_TraderUpdated 2
USD/CNH: Sellers in charge now, bearish trend may accelerateLike many emerging market currencies, US dollar remains the key driver for the price action of USD/CNH. As shown below, there is a strong positive correlation between the US dollar index (DXY) and USD/CNH. US dollar has enjoyed significant gains since Fed started the tightening cycle in March 2022. The stubbornly high inflation has pushed Fed to raise interest rates aggressively, driving US dollar rising to multi-decade highs in last September. However, US dollar has top out since then as the market priced rates expectation via Fed Future Contracts reached a plateau until recently. For broader outlooks, market participants are now expecting that Fed is approaching the end of rate hikes and a pivot may not far with potential rate cuts in Q3 2023. Over the past 48 hours, the expectations about the monetary policy outlook shifted in a more dovish direction due to a softer wage growth in NFP report and the collapse of Silicon Valley Bank (SVB). On Monday morning, Goldman Sachs economists said their latest speculation is that FOMC may not deliver a rate hike at its meeting next week. The dramatic shift in monetary policy expectation casts a shadow over US dollar outlook. Look forward, inflation pressure is still a threat to US economy in 2023 as US CPI seems stickier than previously thought. With the effort of a historically aggressive Fed, US inflation has shown signs of easing. That said, the annual rate of US core CPI for January is 5.4%, far above the Fed's 2 percent goal. From China’s side, China's official manufacturing PMI for February hit 52.6, marked the highest reading since April 2012. The solid data showed the continuing recovery of economic activities after China lifted its covid restrictions at the end of 2022. As the world’s second-largest economy, China has set its annual GDP target at around 5% for 2023, slightly lower than the 5.5% of last year. China’s new premier Li Qiang said that macro economic policy would focus on stability this year, delivering more growth confidence to the market. Compared with the U.S., China’s modest inflation pressures provide it a better position to further stimulate the economic growth. With that in mind, China’s economy may have bigger room to recover in the coming months, which will support Yuan to gain some upward momentum. From a technical perspective, USD/CNH pulled back after being rejected by the neckline of a big Head-and-Shoulder Pattern on the daily chart, which is a familiar resistance around 7.0000 psychological level. The price actions point to leg lower as dollar remains weak. The immediate support can be found at 6.7966, a break below may bring the focus to the swing lows near 6.7000 and the prior inflection level at 0.6600. Shortby liuhanzhang750
Usd yuan uptrendThe cycles are uptrend. Waiting for a breakout to the moon. While we cant say it may continue to go up, but human sentiment thru ta, says it kept moving up.Longby LittleSovi0
Resistance level and subsequent consolidation - trianglethe instrument has reached resistance. The price will drop to the specified support level. After that, the formation of a consolidation in the form of a triangle will begin.by Awleksadr1
USDCNH long for daytrading with the double bottom strategyUSDCNH long for daytrading with the double bottom strategy by aardappelboy113
Yuan ceiling and floorCeiling 6.92998 Floor 6.69754 Price tested the ceiling but remains within the range. Let's see how price behaves next week.by LittleSovi0
USD CNH BULLISH TRENDUSD CNH bullish Trend..precise entry and exit .... Ride The trend.Longby junaid-shah0
USDCNH LONG | MAJOR BREAKOUT 🚨🚨USDCNH looks to be breaking out for a potentially huge move up. We first called it on April 19th, 2022. Watching this one closely!! Longby ChiefMacro0
USDCNH very very bullishI am taking position ENTRY 6.9416 STOP LOSS 6.88423 PROFIT 0.04619 Sizing: 0.02 Lots TAKE PROFIT 1= 6.97661 TAKE PROFIT 2 = 7.0228Longby junaid-shah1
Usd chinese yuanAll information is priced in. No doubt, 2 cycles of higher highs and lower highs. It would he unwise to short an uptrend. Longby LittleSovi0
USDCNH In a Bullish TrendDue to the consecutive "Higher High's" and "Higher Low's" . The USDCNH pair is Going Bullish.by khanafaan6022
USDCNH - Bullish TrendAfter changing trend, pair is turnning into bullish trend,new HH and LH, calls to take a long position in the currency pairLongby farrukhzia66110
USDCNH - Bullish TrendAfter downward trend reversal,making HH and LH, calls to take a long position in the pair.Longby farrukhzia66111
Usd chnf longSame base zone. Price shoot up. For how high, we're not sure. Only that is what the charts are showing.Longby LittleSovi221
USDCNHThe USDCNH exchange rate has fallen, potentially creating opportunities for profitable investments. However, there are concerns about potential military conflicts in the region, such as between China and Japan, which could impact financial markets. Some technical analysis shows a positive trend, although there may be some delays in achieving target profits. It's worth noting that technical analysis can be somewhat predictable, but market conditions can always changeLongby robinhoood3
Hello china central bank!There is two posible short position with high probability zones created by china central bank. don't forget to do risk free and trailing stop.Shortby Iman-Alipour1
USDCNH: Double bottom completion hints further upsideOn Friday, the US Michigan Consumer Sentiment Index for February improved to a 13-month high at 66.4, beating market consensus of 65 and previous month data at 64.9. The dollar-bullish data release boosted the greenback against major currencies like the Euro, British Pound, Aussie dollar, Japanese yen and more. Moving our attention to the US Dollar/Offshore Chinese yuan (USDCNH) pair, the downbeat Chinese Consumer Price Index (CPI) and Producer Price Index (PPI) for January performed below market expectations, exerting pressure on the yuan. Looking at the daily chart, a completion of double bottom gives us an upside technical target around 6.903 (R2). Double bottom neckline around 6.812 (S1) should provide support in the event of a retracement lower. Longby phillip_nova4
Usd c yuan uptrendTrend line says it all. So many points touching. Up up and away it goes.Longby LittleSovi110
Higher low on USD/CNH hints at countertrend bounceYield differentials between the US and China 2-year treasury note continue to suggest USD/CNH could be oversold, at least over the near-term. The daily close chart (above in black) also better shows the potential for a higher low, as part of a countertrend move. The daily candlestick chart shows a recent pullback has failed to retest the 6.6976 low, and yesterday formed a 2-bar bullish reversal pattern (bullish piercing line). Whilst prices remain within a small retracement channel, we’re now looking for a break higher and minimum move to the highs around 0.6800 (near the monthly pivot point, 100% projection and recent highs). Should it break higher, then the it has the potential to extend to the 138.2% or 161.8% projection levels, the latter of which is by the 200-day EMA. Further out, I doubt Beijing will want their currency to depreciate too much given weak export data, so its possible the anticipated move higher is simply a countertrend move which could later break to new cycle lows. Shortby CityIndexUpdated 112