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OFFSHORE CHINESE YUAN / U.S. DOLLAR

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CNHUSD trade ideas

USD/CNH bounced back from a critical support lineThe pair bounced back from a critical support line, sending it higher towards an uptrend resistance line. The United States and China were in another brawl following a tweet by US President Donald Trump. The COVID-19 became a platform for the two largest economies to continue their economic fight following the trade war. On his post on the social media platform, Trump referred to the deadly coronavirus as the “China virus”, which angered Beijing. Analysts see the action taken by the US president as a countermeasure on the negative sentiments surrounding the American economy. Since last week, indices are recording significant drops. The reason for the decline in the index was a combination of coronavirus and volatility in the global oil market. As the US publishes negative figures for critical reports, China is silent. The absence of public records from China is making investors worry about the overall health of the second-largest economy.
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by Financebroker