USD/CNH 4 Hour Price Update
Updated March 25, 2020 01:43 PM GMT (09:43 AM EST)
USD/CNH, which opened the current 4 hour candle priced near 7.08453, is up 68 pips 0.1% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 5 four-hour candle negative run. Compared to its peers in the Forex, USD/CNH gave its buyers a return that ranked 17th in terms of percentage change since the previous 4 hours.
USD/CNH End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/CNH is down 343 pips (0.48%) since the day prior (opening today near 7.08008), marking the 3rd day in a row a decline has happened. Those trading within the Forex asset class should know that USD/CNH was the worst performer in the class. The price chart of USD/CNH below illustrates.
USD/CNH Technical Analysis
Coming into today 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 20 day average, which is 695.8 pips away. Or to simplify this another way, note that out of the past 14 days USD/CNH’s price has gone up 8 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDCNH; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
It looks like we can see this pair revisiting sub-7 area to hit the downside of the channel around 6.82.