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OFFSHORE CHINESE YUAN / U.S. DOLLAR

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CNHUSD trade ideas

USD/CNH will continue to move higher after it broke outThe pair will continue to move higher after it broke out from a downtrend channel resistance line. The US Federal Reserve hold onto its current benchmark interest rate of 1.75%. Fed Chair Jerome Powell said America’s economic outlook had gotten stronger. This was amid the signing of the phase one trade deal between the United States and China. However, the central bank might reassess this claim following the economic threat posed by coronavirus. The COVID-19 began to make headlines in mid-January. The virus originated from Wuhan, China and many analysts warned of its economic implications. The US is a tourist destination for many Chinese nationals. There are 2.84 million Chinese who visited America in 2019 and projection shows it will boom to 3.52 million by 2024. However, the effect on China’s economy will be bigger. The sluggish Chinese economy will further slow with the spread of coronavirus.
Long
by Financebroker
1
The Chinese Yuan Devaluation It appears that the Chinese Yuan is to devalue (much) more. Fundamentally, the Chinese governement is coming up with countermeasures to offset the effects of the SARS-CoV-2 virus outbreak; which has also disrupted global trade activities. Technically, the USDCNH chart is on the verge of a break out, with MACD and OBV poised for support. Target for USDCNH is 7.15 as marked out in the chart. Watch the daily chart for the soon to happen breakout...
by Auguraltrader
1
USDCNH Reversal Pattern? Coronavirus Good News Upcoming?USDCNH has been in an uptrend with multiple higher lows, however, recently this began to exhaust as new higher lows (confirmed by higher highs) failed to materialize. We also had a big resistance/flip zone hit at 7.00 The swing at 6.9785 was an early entry signal, and also because it broke a smaller flip/support level above. Looking for a possible head and shoulder pattern here which would show us a transition for an uptrend to a downtrend with a lower high (lower low needed). We will await the break and close. Of course, just yesterday China said they would halve tariffs on US goods. This is being seen as progress to a phase 2 deal. Also, you must also entertain the idea that Coronavirus contained and progress headlines may be coming soon. Perhaps some successful vaccine or whatever. Though I would not trust the Chinese data on this.
Short
by Uncharted-FX
USD/CNH will breakout from key resistance linesThe pair will breakout from key resistance lines, sending the pair higher towards its previous high. O January 31, America officially restrict Chinese citizens coming from all parts of mainland China from entering the country. This was amid the continuous spread of the deadly coronavirus abroad. The decision came a month after the US and China signed the phase one trade deal. Analysts estimated that the travel restrictions will cost the US economy of about $10 billion. In line with this, analysts’ projection for the US gross domestic product (GDP) slip to 1.7%, below the 2% target. On the other hand, Chinese Easter Airline has become the first major Chinese carrier to suspend flights to and from the United States. These actions have made the US and Chinese stock market to plummet and their currencies to enter a wild ride. Before these actions, US indices (S&P 500, Dow Jones Industrial Average, and NASDAQ 100) are hitting their all-time highs.
Long
by Financebroker