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.
USD/CNH Extends Gains Amid Firmer US Dollar and Geopolitical Tensions
The USD/CNH currency pair has been making significant strides, extending its gains for the fifth consecutive day during the Asian session on Friday. Trading around 7.3530, the pair is now approaching the resistance confluence at 7.3590. Simultaneously, the onshore Yuan (CNY) has reached a...
Why is the yuan falling?
→ Strong US dollar. Yesterday it became known that the number of applications for unemployment benefits in the US amounted to 216k for the week — below the forecast of 232k applications. This is the lowest level since February.
→ Worsening problems in the Chinese economy. Yesterday's data from the General Administration of Customs of...
In this update we review the recent price action in the USDCNH and identify the next high probability trading opportunities and price objectives to target
PAST PERFORMANCE NOT INDICATIVE OF FUTURE RESULTS
This pair will continue Bullish move.
Double bottom has been formed and a Pennant is pulling back the slingshot to send the price higher.
EMA 20, 50 and 200 Holding Bullish.
It will go back to 52 Weeks High (Dotted Yellow line) at 7.37500 in the short run.
Weekly chart is confirming this analysis.
Since January, the Chinese yuan has weakened more than 9% against the US dollar due to problems in the Chinese economy, as evidenced by statistics, as well as the bankruptcy of the developer Evergrande.
And today, the People's Bank of China announced that it will reduce the required foreign exchange reserve ratio to 4% from 6%, starting September 15. The move is...
USD/CNH remains within an established uptrend on the daily chart, and the US02Y-CN02Y spread has reached a new cycle high to suggest upside pressure could be building on USD/CNH.
Prices have retraced and are now trying to build a base around the June highs. Bulls could seek dips around the cycle lows with a stop below 7.25 in anticipation of a move to 7.35, the...
