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OFFSHORE CHINESE YUAN / U.S. DOLLAR

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CNHUSD trade ideas

USDCNH Broke the support 🦐Hello traders, After a nice bullrun, the price hit on huge resistance (see our previous idea) . The price retested even the dynamic resistance and broke the recent support. We will wait another retest and according to According to Plancton strategy, we can set a nice order ––––– Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Short
by InkyGrip
USDCNH hit an extreme resistance 🦐The market has been very choppy lately and nervous. Fundamental situation between China and US didnt helo the trend. Now the market hit the extremely strong weekkly chart resistance and just broke the daily trendline to the downside. IF the market will manage to break the structure we can look for a short position according to our rule. ––––– Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Short
by InkyGrip
USDCHN & a Dose of RealityWill the CHN continue to weaken again the USD? Looking at charts and looking at reality go hand-in-hand as professional currency traders. Unless you own a currency business dealing in money-exchange maybe trading the RMB (USDCHN) may not be a good option. Here is a dose of reality: It is not a free-floating currency. Therefore, it is ridiculous for traders to rely on technical analysis alone to make financial decisions. There will be other means to profit from the RMB that is not necessarily broker-retail trader oriented. Most of the time a retail trader will pay a swap (depending on the broker). One must do a lot of reading and gleaning into global economics, national balance sheets and a country's currency policy. Technical: There is a possibility that USDCHN could spike to 7.30, just as it spiked in 2015; a time where speculated holding CHN bailed out due to a sudden announcement concerning new policy on Chinese exchange rate governance. Speculating became an expensive endeavor multiple times over, and to avoid the swap the day the announcement came, many ran away. Looking at the current trend, it is possible that it will continue in the same direction. Forecast: If the price of USDCHN falls back down to 7.06, then cancel this forecast to 7.30.
by Rocketman
USD roaring back ....You see, there are few hundred pairs of forex currencies in the market , excluding the ETFs and other instruments. Like I said before, choose a few to trade and get really good at it. Study the chart so well that you can memorise the top, bottom, support , resistance level ,etc by hard. This experience , nobody can takes away from you. When you mixed one too many, you might get confused (at least for me) and get drowned in the analysis, jumping from one indicator to another , from one time frame to another just to convince yourself to see what you want to see AND not what the chart is really telling you. This is an occupational hazard, imo . I visit China once a year and converting SGD to RMB is something that I have to do. While now , we do not carry too much hard cash like before, knowing the rates of exchange still helps in knowing when to exchange more or less. So, if USDCNY goes up, SGDCNY also follows. You can say they are positively related. And also , we buy quite frequent from Taobao (online shopping of Alibaba) and need to pay shipping fees and all. So, the rates of exchange helps us to consolidate our orders rather than buying piece meal. Every cents count , I guess especially now in this Covid-19 season, haha.
Long
by dchua1969