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USDCNH

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
USDCNH correction over, trend resumes Here we are coming to the end of the corrective wave within the underlying bull trend. The time has come to start getting to work on the top-side here again, this is a move we have been tracking for some months (see attached). We are going to be exploring the speed limit of the dollar over the next few months so buckle up and get ready for some very large moves across FX . Like the rest of the USD board, markets have been corrective and now is the time to re-establish upside exposure. Initial targets for the weekly move come in at 6.97 . There is scope to continue as far as 7.10 and 7.20. Best of luck those who are navigating around the US-China trade flows.
Long
by ridethepig
Can you afford to ignore the Renminbi rally? NO!What happened last time...: Clearly, we hit a very strong support... What's this? It's a Bird...It's a Plane... NO! It's the Chinese Renminbi making a double bottom on the monthly chart! And a higher LOW! WOW! The US are turning socialist and the FED have DESTROYED the us dollar. It is getting abandonned. China is becoming a TITAN and the Yuan is a new PARADIGM! The new worldwide monetary system. Those that do not buy a whole lot of little yuans now or soon will regret it for the rest of their lives.
Long
by MrRenev
2