Hello everyone. USDCNH has been moving sideways for the past 3 months until the weaker-than-expected July economic data released this week. In addition, the unexpected rate cut to MLF gave a boost to the pair.
The offshore Chinese currency fell sharply against the dollar by over 700 bps. Now, it pulled back from the previous high around 6.83.
Technically, the all my moving averages are heading to the upside, with a quick retest of my long key MA. That may indicate that previous high is likely to be penetrated. By the measure move method, the upper range after the breakout is 7.01. The weaker Renminbi can help China's export, offsetting the impact of sluggish domestic demand. Companies and consumers are reluctant to take on more debt amid fresh Covid flare-ups.
What do you think? Give me a like if you're with me.
The offshore Chinese currency fell sharply against the dollar by over 700 bps. Now, it pulled back from the previous high around 6.83.
Technically, the all my moving averages are heading to the upside, with a quick retest of my long key MA. That may indicate that previous high is likely to be penetrated. By the measure move method, the upper range after the breakout is 7.01. The weaker Renminbi can help China's export, offsetting the impact of sluggish domestic demand. Companies and consumers are reluctant to take on more debt amid fresh Covid flare-ups.
What do you think? Give me a like if you're with me.
Comment:
The upper boundary has been conquered firmly.
plan your trade and trade your plan
