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USDCNH

Tradeagreement? This chart tells a different storyReportedly China and the US have agreed on phase 1 of a trade agreement. China agreed to not further devalue its currency and buy more soy beans from the US. However this agreement has not been signed so far. Looking at the USD/CHN chart it looks like this story will be a different one. CNH has significantly weakened and broken out to the upside a 3 wave pullback ABC should now be in play with the trade talks. However after it looks like as we have formed a valid and significant break to the upside which should resume the direction to the upside once the abc pullback has finished, meaning the CNH will further devalue compared to the Dollar.
by JonasBenjaminFriedrich
USDCNH: Sideways until the end of October?Weekly $USDCNH ended a trend recently, starting a consolidation period, as it has done since it bottomed this year like I anticipated. Upside movement in this pair is likely tied to money flowing outside of China via Hong Kong, which is also linked to money flows towards $BTCUSD to dodge capital controls possibly. The next upswing in this pair hasn't yet confirmed, and it could take a few weeks to occur, which the last Time@Mode trend signal predicts will possibly happen by the end of October. The weekly has formed a new 8 week accumulation level up here (see cyan boxes), so it could flash a buy signal as soon as there is a rapid upside move in this timeframe, from next week onwards... I'll keep an eye on this very critical pair, the current situation in Hong Kong is bound to create some shockwaves in the currency markets, and possibly crypto I think. Let's wait and see...I'm currently short $BTC, waiting for it to bottom, this pair might be a good indicator for that. Cheers, Ivan Labrie.
by IvanLabrie
1
USDCNH SHORTGoing short here. A head and shoulders reversal pattern appears to be forming. If it breaks the neck line theres no major support that would stop it until the red zone I marked out. My two target prices are marked by the green X's. A "by the book" a head and shoulders pattern usually breaks down the length of the original head after retesting the neckline. I marked out the head measurement with the red price range and the green price range shows where that break down "should fall" which is where previous support/accumulation zones are which makes me more confident in this trade.
Short
by Internet_Money
US and China make back room deal on Hong Kong?Just want to update on the USDHKD peg idea I spoke about awhile back. A bit controversial I know, but I gave reasons on why this is likely to happen. Hong Kong does not have the US Dollars to maintain the peg. The PLA marching into Honk Kong may be what breaks the peg. Looking at the chart, you can see where the buyers are stepping in. We are seeing buyers at the 7.83500 zone indicated by the long wicks. Buyers are still there. Just this analysis indicates that perhaps we will be seeing this break of the Peg. I am hearing from sources that there has been a deal between the US and China behind the scenes. That the CCP will allow President Trump to sell the trade war as a minor victory for the US...meanwhile the Americans will give the CCP a carte blanche when it comes to what they do in Hong Kong. If they decide to send in the army, the US will look away. This is what I am hearing. The 4 hour chart can also give us a short signal if we do break below the mentioned zone. We have had a nice uptrend, and now a range displaying 2/3 market structures. On a side note, I just watched the documentary "Banksters" on Amazon Prime which is about HSBC , Hong Kong and China. It really explains what is REALLY going on in Hong Kong currently. There was a twitter rumour that was substantiated by many solid minds including Kyle Bass, about the PBoC needing to borrow money from HSBC to maintain the Yuan where it is at. The HSBC President was fired and other high up executives were fired. Rumours have it that the CCP will look to control HSBC ...the documentary gives evidence about this already happening in 2017.
Long
by Uncharted-FX
1
Chinese yuan strengthen slightly after tariff delay announcedThe Chinese yuan rallied a bit against the US dollar during trading on Tuesday as the Americans announced that they were delaying tariffs against China as the two sides have decided to speak again via phone within the next couple of weeks. At this point, that gave quite a bit of hope for the People’s Bank of China to lower the fixing rate overnight. There was a significant amount of attraction paid to the idea of the USD/CNH pair breaking above the 7 handle. We have reached back towards that level again, so now it’ll be interesting to see how the Chinese central bank reacts. It looks as if we are still very much in and uptrend though, and of course the psychologically important 7 handle will come into play. You can see that the Fibonacci retracement level of 50% was tested after this flash crash, and we have bounced a bit since then. Ultimately, the market is very likely to find buyers in this general vicinity, as even though we have signs of strength in the yuan for the day, we are still very much in and uptrend. Keep in mind that there is a massive US dollars shortage out there for paying off debts, and this will continue to drive the value of the US dollar higher. Beyond that, the technical analysis looks rather strong. Yes, it was a very sharp move lower but that’s not that uncommon in this pair as you can see over the last couple of weeks. The fact that the buyers have come in at the 7 handle tells me that larger institutions are interested in buying greenbacks of this area as well. I see support all the way down to the 6.94 yuan level, as it features not only the 50 day EMA but it also features the 61.8% Fibonacci retracement level.
Long
by Forex4you