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USD CNH Technical Analysis - USD CNH Trading: 2024-08-14
USD/CNH Technical Analysis Summary
Below 7.1416
Sell Stop
Above 7.1718
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
USD/CNH Chart Analysis
USD/CNH Technical Analysis
The technical analysis of the USDCNH price chart on 4-hour timeframe shows USDCNH,H4 is retracing down after a rebound following a drop to 14-month low ten days ago. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 7.1416. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 7.1718. After placing the order, the stop loss is to be moved to the next fractal high 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
New loans in China were smaller than expected in July. Will the USDCNH price persist retreating?
China’s new loans were smaller than expected in July: the Bank of China reported that the value of new yuan-denominated loans issued to consumers and businesses was 260 billion yuan in July when 1280 billion yuan of new loans were expected. New loans were down sharply from 2.13 trillion yuan the previous month but more than the 345.9 billion yuan a year earlier. The year-to-date increase of aggregate new financing reached RMB 18.87 trillion, which represents a 14.6% year-on-year decline. Smaller than expected new loans indicate lower consumer and business confidence in their future financial position which is bearish for Chinese yuan and bullish for USDCNH pair. However, the current setup is bearish for the pair.
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