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OFFSHORE CHINESE YUAN / U.S. DOLLAR

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CNHUSD trade ideas

USD/CNH: Chaos For Chinese YuanUSD/CNH probes 7.0300 as Chinese traders weigh trade data, shift in risk tone USD/CNH stops the previous three days’ declines. Disappointment from China data, increasing uncertainty ahead of US tariffs and signs of protests in Hong Kong all play their roles. The risk tone stays sluggish ahead of the key week. USD/CNH takes the bids to 7.0300 as Chinese markets open for Monday’s trading. Traders might have reacted to the weekend data from China while trade pessimism and negative headlines from Hong Kong could have acted as additional forces. China’s November month Exports fell unexpectedly to -1.1% versus +1.0% forecast whereas Imports rose, +0.3% against -6.4% prior, for the first time since April. Further, Trade Balance of $38.73B lagged behind $46.3B market consensus. Even so, China’s Global Times shrugs of the trade war with the United States (US) to be the reason to worry. Also contributing to the risk-off was the Financial Times (FT) report suggesting Beijing’s order to all government offices to stop using foreign personal computers (PCs) and software within a time span of three years. Additionally, Bloomberg reported the news of the biggest pro-democracy protest in months on Sunday while anticipating more unrest to follow in 2020. Given the market’s uncertain times ahead of the US decision on December 15 tariffs on the Chinese goods, such downbeat headlines weigh on risk tone and stop the US 10-year treasury yields around 1.84%, ignoring the Friday’s run-up. Investors will now keep eyes on trade headlines and the US reaction to the Hong Kong protests, not to forget China’s restrictions on PC and software usage, for fresh impulse.
Long
by ParadiseCrypto
What I'm seeing on USDCNH!Gooday Traders! Do put in mind the somewhat unrest the UK general elections has brought to the market lately which did alter a lot of technical structures as this also might not play out as well. However, from what im seeing on the USDCNH chart, price has been forming a rising wedge pattern and with what i see, there's still room for more bullish action. Lately, price formed a bullish flag pattern, which confirms our bullish stance once again. While this is kinda a weekly setup, i'll be watching D1 and H4 closely for confirming price action to pull the trigger. Remember proper risk management is crucial. Do well to follow, like and comment.
Long
by TrendlineGod