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USD CNH Technical Analysis - USD CNH Trading: 2023-08-08
USD/CNH Technical Analysis Summary
Above 7.2312
Buy Stop
Below 7.1545
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
USD/CNH Chart Analysis
USD/CNH Technical Analysis
The technical analysis of the USDCNH price chart on daily timeframe shows USDCNH,Daily is rebounding above the 200-period moving average MA(200) after hitting two-month low two weeks ago. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 7.2312. 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 7.1545. 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 trade surplus grew in July against expectations of decline. Will the USDCNH price advancing reverse?
The Customs General Administration of China reported China trade balance rose to $80.6 billion in July from 70.62 billion in June when a decline to $70.6 billion was expected. However, exports fell by 14.5% in July from a year ago, while imports dropped by 12.4% in US dollar terms. That is worse than what analysts had expected. Data showed that China’s exports to the US plunged by 23.1% year over year in July, while those to the European Union fell by 20.6%. The falling exports indicate slowdown in US. and other major economies’ growth.
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