Because dollar is undervalued. China tried her best to make dollar cheap where two opportunities arise. 1. China to buy dollar cheap and keep a lot and sell upon gain 2. Other countries to buy dollar for safe reason. 3. China may try to raly yuan and other countries to use yuan, but there is no logic to do it. 4. It's either you are for or against USD. And...
USDCNH continues on its downtrend after being rejected off previous dynamic support level around 7.16 zone that now serves as resistance. Potential short term rebound to 7.125 (R1) that would be a good entry for short position with a downside target level around 7.062 (S1).
Another good looking play would be the Chinese Yuan. Strictly off of the chart, this would be a good time to look at acquiring the currency for a longer term currency swap.
Great Bearish set up, so far. 0- Monthly shows Bearish Reversing 1- EMA 200 on Weekly shows: Bullish 2- Chart Pattern on Weekly chart shows: Bearish Reversal 3- Stochastic on Weekly chart shows: Oversold 4- EMA, 20, 50, 200 on Daily shows: all Bearish 5- Stochastic on Daily shows: Oversold
USDCNH has formed Rising wedge. Although its not for trade but just a practice to draw a pattern. TP's have been identified
China has been buying it's currencies while it may in the short run increase it's value against dollar, the underlying issue with yuan is the fundamentals of chinese commerce has yet to change. Property investment still not resolved in the case where it is expensive but there is no demand for the number of supply. Failure to pay debts. Aggressive actions...
USDCNH Buying and selling at Support & Resistance because it looks like sideways
Xi was seen toning down his foreign policy hawkishness, perhaps between AI and this we manage to fight back against the potentially inflationary dynamics of #reshoring and #protectionism in America. If so, #globalization remains in place, which was the higher probability outcome, a scare but the status quo remains when it comes to VERY large structures or systems...
Read latest news here I am monitoring the daily chart for a more confirmed bearish signal before establishing a SHORT position. The risk/reward ratio looks very attractive from this price point as the margin to go up higher is not a lot.
catching a small knife move countertrend here starting small will add if we will have another acceleration to the downside
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...
clear as day on what the goal is.. shake out move will come for usd news, then big buy friday and so on
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.
With a history of adherence to classical charting principles, the USD/CNH cross is poised for a significant upside breakout into new high ground
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...