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USD CNH Technical Analysis - USD CNH Trading: 2023-12-01
USD/CNH Technical Analysis Summary
Above 7.1565
Buy Stop
Below 7.1223
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) after hitting six-month low two days ago. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 7.1565. 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 7.1223. 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 unexpectedly resumed expanding in November. Will the USDCNH price persist rebounding?
China’s manufacturing sector unexpectedly resumed expanding in November: SP Global reported the Caixin Manufacturing PMI rose to 50.7 for November from 49.5 for October when an increase to 49.6 was forecast. Readings above 50.0 indicate industry expansion, below indicate contraction. Business activity across China's manufacturing sector resumed expanding due to rise in new orders. New export business recorded slight decline however, attributed to subdued global demand conditions. Employment levels also registered a marginal drop. The rate of input price inflation was modest while selling prices were broadly unchanged. Chinese business activity expansion is bearish for USDCNH.
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