Market news
10.11.2021, 02:00

USD/CNH Price Analysis: Off 61.8% Fibo. after strong China CPI, PPI

  • USD/CNH takes the bids to refresh intraday high following China’s key inflation data for October.
  • Bearish MACD signals, sustained trading below weekly resistance line and 200-HMA favor sellers.

USD/CNH rises to $6.3920 following an upbeat China inflation release on early Wednesday. In doing so, the offshore Chinese currency (CNH) pair rebounds from the 61.8% Fibonacci retracement (Fibo.) of October 25-29 upside.

However, the cross-currency pair remains below the weekly resistance line and 200-HMA amid bearish MACD signals, which in turn suggests brighter hopes for the sellers.

That being said, the quote’s pullback may need validation from the stated key Fibo. level of $6.3885 before attacking the latest swing lows near $6.3865.

Following that, the $6.3800 threshold and the yearly low surrounding $6.3685 should lure the USD/CNH sellers.

Meanwhile, an upside clearance of the stated trend line hurdle and the 200-HMA, respectively around $6.3935 and $6.3965, should recall the pair buyers.

Even so, the $6.4000 round figure and $6.4060 may test the USD/CNH bulls before directing them to the monthly peak of $6.4094.

USD/CNH: Hourly chart

Trend: Bearish

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location