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USD/CNH Technical Analysis - USD/CNH Trading: 2024-10-18
USD/CNH Technical Analysis Summary
Below 7.11471
Sell Stop
Above 7.14670
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Sell |
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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