News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • 🇬🇧 Mortgage Lending (AUG) Actual: £3.1B Expected: £3.65B Previous: £2.7B https://www.dailyfx.com/economic-calendar#2020-09-29
  • 🇬🇧 Mortgage Approvals (AUG) Actual: 84.7K Expected: 71K Previous: 66.3K https://www.dailyfx.com/economic-calendar#2020-09-29
  • 🇬🇧 BoE Consumer Credit (AUG) Actual: £0.3B Expected: £1.45B Previous: £1.1B https://www.dailyfx.com/economic-calendar#2020-09-29
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/D6FwaPaRWe
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/1Lmw2HhA2p
  • Heads Up:🇬🇧 Mortgage Lending (AUG) due at 08:30 GMT (15min) Expected: £3.65B Previous: £2.7B https://www.dailyfx.com/economic-calendar#2020-09-29
  • Heads Up:🇬🇧 Mortgage Approvals (AUG) due at 08:30 GMT (15min) Expected: 71K Previous: 66.3K https://www.dailyfx.com/economic-calendar#2020-09-29
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.81%, while traders in US 500 are at opposite extremes with 64.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SPC8zHzmsL
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/03nsLIFxVq
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.03% Silver: -0.06% Oil - US Crude: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bZOgkJeQnh
USD/CNH Technical Analysis: Trying to Break August Top

USD/CNH Technical Analysis: Trying to Break August Top

2015-12-11 08:05:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CNH Technical Strategy: Flat
  • Yuan Back on the Defensive as Prices Try to Clear August Swing Top, Renew Uptrend
  • Absence of Actionable Trade Setup Calls for Patience Until Viable Opportunity Emerges

The US Dollar is attempting to renew upside momentum against the Chinese Yuan in offshore trade after a spike to four-month highs failed to hold up yesterday. Prices are flirting with the late August swing top once again, with confirmed breakout opening the door for resumption of the long-term uptrend set from January 2014.

Near-term resistance is at 6.5254, the 76.4% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a test of the 100% level at 6.5596. Alternatively, a reversal back below the 61.8% Fib at 6.5043 clears the way for a challenge of the 50% expansion at 6.4872.

An actionable trade setup is absent at this point. On one hand, prices are too close to resistance to justify a long position from a risk/reward perspective. On the other, the absence of a defined bearish reversal signal warns against taking up the short side. We will remain on the sidelines for now, waiting for a more compelling setup to present itself.

Losing Money Trading Forex? This Might Be Why.

USD/CNH Technical Analysis: Trying to Break August Top

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES