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. See our updated Privacy Policy here.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out
  • RT @FxWestwater: Gold, Iron Ore Forecast: Prices Hinge on FOMC, Evergrande Crisis, China Steelmaking Curbs Link: h…
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here:
  • We are heading into a Tuesday lull which precedes Wednesday's FOMC focus. Will the absence of distractions allow for risk trends to gain momentum or perhaps will Fed anticipation temper the $SPX tumble? My take:
  • CTV projects Trudeau wins his third term as Canada's Prime Minister - BBG
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • US House Speaker Pelosi says top-line spending number may change but hopes for $3.5 trillion in spending bill - BBG
  • RBA Minutes: - Board committed to providing high level of monetary support - Q3 GDP expected to decline materially - Central scenario is rates on hold until 2024 - BBG $AUDUSD
  • Heads Up:🇦🇺 RBA Meeting Minutes due at 01:30 GMT (15min)
USD/CNH Technical Analysis: Rally Stalls at 5-Year High

USD/CNH Technical Analysis: Rally Stalls at 5-Year High

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • USD/CNH Technical Strategy: Flat
  • Yuan Selloff Against US Dollar Stalls After Prices Surge to Highest Level in Five Years
  • Policy-Driven Volatility Threat, Inconclusive Chart Setup Warn Against Taking Trades

The US Dollar stalled after rising to the highest levelin five years against the Chinese Yuan in offshore trade, snapping a four-day winning streak. The surge higher followed the largest devaluation of the onshore exchange rate since August but prices failed to maintain momentum.

From here, a daily close above the 50% Fibonacci expansion at 6.7096 opens the door for a test of the 61.8% level at 6.7444. Alternatively, a reversal below the 38.2% Fib at 6.6748 paves the way for a challenge of the 23.6% expansion at 6.6317.

The pair has now put in a Shooting Star candlestick, hinting at indecision that may precede a reversal downward. The absence of an actionable trade setup and the lingering threat of disruptive intervention from policy officials warn against committing to exposure however. As such, we will remain flat.

Losing Money Trading Forex? This Might Be Why.

USD/CNH Technical Analysis: Rally Stalls at 5-Year High

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