USD CNH Technical Analysis | USD CNH Trading: 2022-08-03 | IFCM
IFC Markets Online CFD Broker

USD CNH Technical Analysis - USD CNH Trading: 2022-08-03

USD/CNH Technical Analysis Summary

Accelerometer arrow
Strong SellSellNeutralBuyStrong Buy

Above 6,8

Buy Stop

Below 6,68

Stop Loss

Mary Wild
Senior Analytical Expert
Articles 2058
IndicatorSignal
RSI Neutral
MACD Neutral
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

USD/CNH Chart Analysis

USD/CNH Chart Analysis

USD/CNH Technical Analysis

On the daily timeframe, USDCNH: D1 is in a triangle. It must exit it to the top before opening a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish move if USDCNH: D1 rises above the last 2 up fractals: 6.8. This level can be used as an entry point. Initial risk cap is possible below the Parabolic signal, the lower Bollinger band and the last down fractal: 6.68. After opening a pending order, we move the stop-loss following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders after making a trade can switch to a four-hour chart and set a stop-loss, moving it in the direction of movement. If the price overcomes the stop level (6.68) without activating the order (6.8), it is recommended to delete the order: there are internal changes in the market that were not taken into account.

Fundamental Analysis of Forex - USD/CNH

The deterioration of US-China relations could weaken the yuan. Will USDCNH quotes continue to rise?

Currently U.S. House of Representatives Speaker Nancy Pelosi is visiting Taiwan. If this increases political tension in the region, the Chinese currency may weaken. The last time the Speaker of the US Parliament (the third person in the US government after the President and Vice President) visited Taiwan was in 1997. It should be emphasized that Nancy Pelosi's current visit is likely to be short-term and may end as early as August 3rd. If it passes quietly, it is unlikely that there will be a noticeable reaction from USDCNH. In addition to political events, the yuan may react to the publication of Caixin China Services PMI, which will be held on August 3. The forecast is negative. For the dollar, the highlight of the week will be the United States Nonfarm Payrolls for July, which will be released on August 5.

IFCM Trading Academy - New era in Forex education
Pass Your Course:
  • Get Certificate
trading academy

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

Close support
Call to Skype Call to WhatsApp Call to telegram Call Back Call to messenger