- Analytics
- Technical Analysis
USD/CNH Technical Analysis - USD/CNH Trading: 2024-07-31
USD/CNH Technical Analysis Summary
Below 7.2243
Sell Stop
Above 7.2507
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Buy |
USD/CNH Chart Analysis
USD/CNH Technical Analysis
The technical analysis of the USDCNH price chart on 1-hour timeframe shows USDCNH,H1 is retracing down under the 200-period moving average MA(200) after hitting one-week high yesterday. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 7.2243. 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 7.2507. 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 non-manufacturing sector slowed expanding in June. Will the USDCNH price persist retreating?
China’s non-manufacturing sector expansion slowed more than expected in June: China Federation of Logistics and Purchasing (CFLP) reported the Non-Manufacturing PMI declined to 50.2 for June from 50.5 for May when a decline to 50.3 was forecast. Readings above 50.0 indicate industry expansion, below indicate contraction. At the same time Business activity in manufacturing sector shrank for the third consecutive month in July as demand remained subdued despite recent government stimulus in the world's second-largest economy. Chinese business activity decline is bullish for USDCNH currency pair. However the current setup is bearish for the pair.
Explore our
Trading Conditions
- Spreads from 0.0 pip
- 30,000+ Trading Instruments
- Instant Execution
Ready to Trade?
Open Account Note:
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.