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USDCNH - Technical Analysis [Long Setup]🔹 USDCNH Analysis on 1HR chart - The current Trend is Bearish - Bullish divergence is present - If HH is break we will take long position 🔹 Trade Plan - Entry Level = 7.10808 - Stop Loss = 7.09450 - TP1 = 7.12170 - TP2 = 7.13520 🔹 Risk Management - First TP is 1:1 - Second TP is 1:2 🔹 How to Take Trade? - Only risk 2% of your portfolio - Take 1% risk entry with 1:1 RR - Take 1% risk entry with 1:2 RR Like and subscribe to never miss a new idea! ✌🏼
Long
by Bountysoul
2
A stronger yuan could spell trouble for USD/JPYA downtrend has formed on USD/CNH since it failed to retest the 2022 high in September. Since then, a lower high, aggressive selloff and a bearish continuation pattern (rising wedge) has formed on the daily chart. The rising wedge projects a downside target towards the cycle lows ~7.1. If the yuan continues to depreciated (lower USD/CNH), it could prompt other Asian currencies such as the Japanese yen to also depreciate, in order to remain competitive with trade. And as USD/JPY is approaching 152 - a level it failed to test due to BOJ intervention (and subsequent concerns of another intervention) - there's a reasonable chance that USD/JPY may struggle to break above 152. For now, USD/CNH looks ripe for a move lower given the double top / rising wedge around the 50% retracement level, and bearish momentum picking up. Bears could have a stop above the cycle highs and target the lows around 7.1. But if the Fed begin to drop dovish clues further out, it could also break below 7.1 and head for 7.0.
Short
by CityIndex
USD/CNH looks set for its next leg higherUSD/CNH remains in a soliud uptrend on the daily chart and, after consolidating around the June highs and forming a bullish hammer at 7.25, the swing low appears to be in. A bullish range expansion day broke the bearish resistance line, and bulls could seek to enter upon any pullbacks towards yesterday’s low for a tigher long entry. The bias remians bullish above Last weej’s hammer low, and we could now be heade for 7.35 or the 2022 high. A small bulish hammer has also formed on the 1-hour chart. A conservative target projected from the recent leg higher suggests 7.32 for bulls, whilst if we use the run up from 7.27 it projects a target atound 7.34.
Long
by CityIndex
USDCNH TRADE Idea SELL (24/07/2023)Another exotic pair, exercise careful actions when trading these pairs. Anyway - Clearly the bias is a sell. The price reacted well off of the POI and is now creating structure, with a liquidity grab having been made to the upside. As evidenced by the 1m chart, the price is looking to break structure so you could get ready to look for the order block. An order block can't be mapped out unfortunately,as the break hasn't officially occured. Please be aware that this sell will only be activated once the break occurs. Also be aware that the overall movement (Weekly) that is being looked for is a buy. RR may be potentially of an 8 or even more. NOTE: This is not financial advice, please do your own research and be aware that any risks are being taken solely by you, the individual.
Short
by saintprincevvs
Does Fed raise rates to weaken China yuan? USDCNHI wanted to take a moment to share some exciting news with you all about the USDCNH (US dollar and Chinese yuan) currency pair. As many of you may know, the Chinese economy has been showing signs of weakness lately, directly impacting the yuan's value. The Federal Reserve has also raised interest rates, weakening the yuan against the US dollar. But what does this mean for us as forex traders? It means there is an excellent opportunity to long the USDCNH and potentially make some serious profits. So, I encourage you to take advantage of this situation and consider going long on the USDCNH. With the yuan's continued weakness and the Fed's interest rate hikes, there's a good chance this currency pair will continue to rise. Don't miss out on this opportunity to make some serious gains. Start trading the USDCNH today and take advantage of the current market conditions.
Long
by bryandowningqln
USD/CNH: Bullish pennant pattern formed – Yuan to fall to 7.20?The US dollar-Chinese yuan pair ( USD/CNH ) has been trading on a bullish pennant pattern since April of this year, and is currently testing the critical 7.00 threshold, which corresponds to the close of July 2020 and 78.6% Fibonacci retracement level (2022 lows to May 2020 highs). Following the PBoC's decision to reduce Chinese domestic banks' forex reserve requirement ratio by 200 basis points to 6% beginning September 15, the 7.00 mark level may face some selling pressure from the bears. This policy action could in fact free up dollars to be converted into Chinese yuan to sustain the economic slowdown caused by the reinstatement of Covid-19 restrictions. The USD/CNH pullback may find support at 6.89 (1 September lows) or 6.85 (61.8% Fibonacci level). But if 7.00 is broken, then 7.20 might be next. This target (7.20) represents the height of the flagpole when added to the breakout point and will complete the Fibonacci retracement to the highs of May 2020. Idea written by Piero Cingari, forex and commodity analyst at Capital.com
by Capitalcom
USDCNH | Perspective for the new week | Follow-up detailsWe witnessed a 1,000pips run in our direction since my last publication on this pair (see link below for reference purpose) and the confirmation of reversal set-up at the Breakout of Neckline (CNY 6.39500) during last week trading session is the final straw that broke the camel's back for me. Higher US bond yields and hawkish Fed expectations shine the light of hope on the Greenback and we could witness a continued bullish momentum as investors brace for the Fed's meeting next week. Tendency: Uptrend (Bullish) Structure: Breakout | Supply & Demand | Reversal pattern (Double Bottom) Observation: i. It has been a mix of Bearish momentum for the USD since the beginning of this year. ii. Finding a bottom twice at CNY6.36800 within the month of October 2021 - this level in recent time sharing memory for Demand (May 2021) could be an opportunity to take advantage of a short term rally. iii. Double Bottom: The appearance of an extremely bullish technical reversal pattern describing a change in trend and a momentum reversal from prior leading price action may not be a coincidence. iv. And since testing the demand zone the second time, the price continued to find higher highs that culminated in a Breakout of Neckline @ CNY6.39500 on Friday to signify the potential direction majority might be heading in the coming week. v. With this development in place, it will be appropriate that we take advantage of this potential rally at the retest of Neckline. vi. The early hours/days of the new week might witness a further plunge in price to test the Neckline @ CNY6.39500 or below to incite Trend continuation. vii. Hence, above the Neckline remains a comfortable level to take a long position on this pair. NB: Please note that the narrative so far supports a temporary bullish momentum and this is so after putting into consideration the long term downtrend perspective... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward : 1:4 Potential Duration: 2 to 7days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
USDCNH | Perspective for the new week | Follow-upWe saw the price decline and move over 1,000pips in our direction since my last publication before the rally began during last week trading session (see link below for reference purposes). Despite the general perception that the USD is on the verge of a rally due to the sudden & rapid rise that appears to be running ahead of itself during last week trading session, I am of the opinion that we are at a juncture in the market where the structure/pattern is "screaming" risk of further decline for the Greenback in the coming week(s). Even though there is room for a possible rally into the major Supply area @ Y6.5100 area, my bias still remains Bearish! Tendency: Downtrend ( Bearish ) Structure: Harmonic Pattern (AB = CD) | Breakdown | Supply & Demand Observation: i. Since the beginning of the year (2021), Buyers have found it difficult to break the Y6.51000 barrier thereby leaving clues of strong selling pressure at this zone. ii. Continuous rejection of the Y6.51000 area followed by a complete Breakdown of Key level (Y6.4600/6.4400) at the beginning of the month (Feb 2021) is a sign emphasizing the strength of sellers. iii. I am of the opinion that the rally that began on the 15th Feb 2021 is a Correction of the Impulse leg AB (expressed on the chart). iv. Last week trading session saw price close at Y6.4600 area - exactly 61.8% retracement of AB with the possibility of extending into the Major Supply zone @ 78.6% retracement (appearing to be a rejection of key level) before the decline begins. v. The setup evolving at this juncture might transpose into ABCD pattern parameters explained below; a. Leg A-to-B is expected to be in harmony with the potential C-to-D leg. b. The B- to-C leg is currently hovering at 61.8% (with a possible 78.6% in the future) Fibonacci retracement of the A-to-B leg. c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext. of the A-to-B move. vi. It is hereby required that we become patient and wait for a strong Reversal pattern on lower time frames for confirmations... Best of luck and Trade consciously! :) Trading plan: SELL confirmation with a minimum potential profit of 1,000 pips. Risk/Reward : 1:3 Potential Duration: 7 to 14 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
6