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USD CNH Technical Analysis - USD CNH Trading: 2023-09-05
USD/CNH Technical Analysis Summary
Above 7.2959
Buy Stop
Below 7.2539
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| 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 4-hour timeframe shows USDCNH,H4 is rebounding above the 200-period moving average MA(200) after hitting four-week low two sessions ago. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 7.2959. 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 7.2539. 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 services sector activity expansion slowed in August. Will the USDCNH price persist advancing?
China’s services sector activity expansion slowed much more than expected in August: SP Global reported the Caixin Services PMI declined to 51.8 for August from 54.1 for August when a decrease to 53.6 was forecast. Readings above 50.0 indicate industry expansion, below indicate contraction. It was the slowest expansion in eight months as new business from abroad fell for the first time in 2023. However business confidence over the 12-month outlook remained positive in August. Slowing Chinese business activity expansion is bullish for USDCNH.
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