USD CNH Technical Analysis | USD CNH Trading: 2024-10-18 | IFCM
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USD CNH Technical Analysis - USD CNH Trading: 2024-10-18

USD/CNH Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Below 7.11471

Sell Stop

Above 7.14670

Stop Loss

Ara Zohrabian
Ara Zohrabian
Senior Analytical Expert
Articles2600
IndicatorSignal
RSI Neutral
MACD Sell
Donchian Channel Neutral
MA(200) Buy
Fractals Neutral
Parabolic SAR Sell

USD/CNH Chart Analysis

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 toward the 200-period moving average MA(200) after hitting two-month high yesterday. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 7.11470. 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 7.14670. 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

China’s industrial output growth was above forecast for September. Will the USDCNH price retracing down persist?

China’s industrial output growth was above forecast for September: National Bureau of Statistics of China reported China’s Industrial Production rose by 5.4% over year in September after a growth of 4.5% in August when an increase of 4.6% was forecast. There were also two other positive data points for September: retail sales increased by 3.2% over year in September, up from 2.1% in August, and the unemployment rate fell from 5.3% in August to 5.1% in September. Accelerating Chinese industrial output expansion is bearish for USDCNH.

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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.

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