USD/CNH Price Recap
USD/CNH enters today at 7.02762 in US dollars, up 153 pips (0.22%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 5.55% from the day prior, but down 27.34% from the same day the week before. Relative to other instruments in the Forex asset class, USD/CNH ranked 12th yesterday in terms of percentage price change. The price chart of USD/CNH below illustrates.
USD/CNH Technical Analysis
Notably, USD/CNH is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 242.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 15 out of the past 30 days.
A final note on correlations: over the past week, USD/CNH has been most correlated with USD/SEK — not terribly surprising, given that USD is in both currency pairs. Alternatively, regarding pairs with the lowest correlation to USD/CNH? Well, CAD/CHF is the pair that holds that distinction for the past week, while USD/HKD does on a two week basis.