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

Data Collection Notice

We maintain a record of your data to run this website. By clicking the button, you agree to our Privacy Policy.

facebook logo with graphic

Join Us on Facebook

Stay on top of company updates, trading news, and so much more!

Thanks, I already follow your page!
forex book graphic

Beginner Forex Book

Your ultimate guide through the world of trading.

Get Forex Book

Check Your Inbox!

In our email, you will find the Forex 101 book. Just tap the button to get it!

FBS Mobile Personal Area

market's logo FREE - On the App Store

Get

Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage.

76.5% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider.

You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.

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

US Interest Rate Slowdown?

The US Federal Reserve may refrain from more aggressive interest rate hikes in March due to geopolitical risks after Russia's special operation in Ukraine…

Popular

Gold isn't saving investors from inflation

Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?

Choose your payment system

Feel the Team Spirit

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