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USD/CNH Technical Analysis - USD/CNH Trading: 2023-04-26
USD/CNH Technical Analysis Summary
Above 6,95
Buy Stop
Below 6,8
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Buy |
USD/CNH Chart Analysis
USD/CNH Technical Analysis
On the daily timeframe, USDCNH: D1 has moved up from the downtrend and the neutral range. It also exceeded the 200-day moving average. Several technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if USDCNH: D1 rises above its most recent high of 6.95. This level can be used as an entry point. The initial risk cap is possible below the 200-day moving average, latest down fractal, Parabolic signal, and lower Bollinger band: 6.8. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After making a trade, the most cautious traders can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (6.8) without activating the order (6.95), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - USD/CNH
The US dollar is slightly strengthening ahead of the publication of significant economic data and in anticipation of the Fed meeting next week. Will USDCNH quotes continue to rise?
There are no particularly important factors for the weakening of the Chinese yuan yet, so the dynamics of USDCNH may be affected by US economic indicators. Next week, May 1-3, China will celebrate Labor Day (Labor Day). While most Chinese companies will not work, the next meeting of the Federal Reserve System will be held in the US on May 3. The rate is expected to rise to 5.25% from the current level of 5%. This week in the US will be published: Durable Goods Orders (April 26), Gross Domestic Product 1Q (April 27), Personal Consumption Expenditures (PCE) (April 28), as well as other economic indicators.
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