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USD CNH Technical Analysis - USD CNH Trading: 2024-05-31
USD/CNH Technical Analysis Summary
Above 7.2581
Buy Stop
Below 7.2484
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Neutral |
| 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 has breached above the 200-period moving average MA(200) which is rising itself. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 7.2581. 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 7.2484. 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 economic activity data for May missed expectations today. Will the USDCNH price rebound?
China’s PMI data for May were weaker then expected: the National Bureau of Statistics reported the Manufacturing PMI fell to 49.5 for May from 50.4 for April when an increase to 50.5 was forecast. Readings above 50.0 indicate industry expansion, below indicate contraction. Business activity across China's service sector continued to expand albeit marginally slower: the Services PMI ticked down to 51.1 from 51.2 when an increase to 51.5 was expected. Slowing of business activity in China is bearish for Chinese yuan and bullish for USDCNH pair.
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