Don’t waste your time – keep track of how NFP affects the US dollar!

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Follow us on Facebook

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

FBS Mobile Personal Area

FREE - In Google Play

View
USD/CNH is dipping down for six weeks

USD/CNH is dipping down for six weeks

Information is not investment advice

The Chinese yuan gained after the better-than-expected data. Today early at the morning China’s Caixin Manufacturing PMI came out 53.1, beating estimates of 52.6. The optimistic numbers have proved that the world’s second largest economy is steadily recovering from the virus slump. Notably, the pair has already been falling for the 6th week in a row, therefore the report has just added tailwinds to the yuan.

Moreover, the massive sell-off of the USD pushed the pair to the downside as well. The Federal Reserve made a surprisingly dovish statement on Thursday last week. The Fed will allow the inflation and employment to run above normal levels, leaving rates low for longer. The new approach has made the low-yielding greenback unfavorable for investors. Most analysts anticipate further decline of the US dollar.

It’s impossible to ignore the US-China complicated relationship. There was some sign of improvement after the report of the successful phone call between two countries last week. China and the USA have promised to obey the phase-1 trade agreement, that encouraged investors. Nevertheless, there is still some uncertainty ahead of the election of the US president in November, which may significantly affect Sino-American relations.

 Technical analysis

The 200-week moving average at 6.8100 has turned out the strong support for USD/CNH. The pair has immediately bounced off after a slight touch of this level. However, if it manages to break through it again, the way to the next support of 6.7500 will be open. In the opposite scenario, the move above the high of August 27 at 6.8900 will drive the price to the high of August 21 at 6.9250.

USDCNHDaily.pngUSDCNHWeekly.png

LOG IN

Similar

Popular

EUR/USD at 52 week high

Asia-Pacific stocks lacked firm direction as momentum faded from the record-setting performance on Wall St, where the S&P 500 and Nasdaq printed fresh all-time highs

Choose your payment system

Learn more

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later