USD/CNH Down 56 Pips Over Past 4 Hours, is Inching Close to 20 Day Average; Pin Bar Pattern Appearing on Chart

USD/CNH 4 Hour Price Update

Updated April 07, 2020 01:11 AM GMT (09:11 PM EST)

The back and forth price flow continues for USD/CNH, which started the current 4 hour candle off at 7.1029, down 56 pips 0.08% from the last 4 hour candle. Compared to its peers in the Forex, USD/CNH gave its buyers a return that ranked 29th in terms of percentage change since the last 4 hour candle.

USD/CNH End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/CNH continues; to start today, it came in at a price of 7.10518, down 15 pips (0.02%) since yesterday. Out of the 40 instruments in the Forex asset class, USD/CNH ended up ranking 28th for the day in terms of price change. The price chart of USD/CNH below illustrates.

USD/CNH Technical Analysis

The first thing we should note is that the current price of USD/CNH is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 314.3 pips away. Volatility for USD/CNH has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.