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USD CNH Technical Analysis - USD CNH Trading: 2023-08-01
USD/CNH Technical Analysis Summary
Above 7.1742
Buy Stop
Below 7.1419
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/CNH Chart Analysis
USD/CNH Technical Analysis
The technical analysis of the USDCNH price chart on 4-hour timeframe shows USDCNH,H4 is rebounding toward the 200-period moving average MA(200) which is flat yet. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 7.1742. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 7.1419. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - USD/CNH
China’s manufacturing sector activity contracted in July. Will the USDCNH price reverse advancing?
China’s manufacturing sector activity contracted in July when a slowdown of growth was expected: SP Global reported the Caixin Manufacturing PMI declined to 49.2 for July from 50.5 for June when a decrease to 50.1 was forecast. Readings above 50.0 indicate industry expansion, below indicate contraction. Production fell amid a fresh decline in overall new business. Weak foreign demand was a key factor weighing on total sales, with new export orders down noticeably in July. Firms scaled back their purchasing activity and trimmed their staffing levels slightly. This is bullish for USDCNH.
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