(VIANEWS) – USD/CNH pares intraday losses around 7.2800 as China’s offshore Yuan (CNH) traders seek fresh clues to defend the daily losses during early Monday. In doing so, the Chinese currency cheers the broad pullback in the US Dollar amid a fresh bout of stimulus news from Beijing.
As reported by FXStreet, also read:China cuts stamp duty on stocks trade, posts seventh fall in Industrial Profits as Sino-US talks loom
Technically, the pair’s downbeat break of a one-month-old previous support line joins the repeated failures to cross the 10-DMA immediate hurdle to keep the USD/CNH bears hopeful.
USD/CNH (USDCNH) has been up by 0.92% for the last 10 sessions. At 15:36 EST on Monday, 28 August, USD/CNH (USDCNH) is $7.29.
Usd/cnh price analysis: Yuan buyers flex muscles around 7.2800 on China stimulus
However, the 50-DMA and an ascending support line from late March, respectively near 7.2260 and 7.1920, can challenge the USD/CNH bears afterward., Technically, the pair’s downbeat break of a one-month-old previous support line joins the repeated failures to cross the 10-DMA immediate hurdle to keep the USD/CNH bears hopeful.
USD/CNH’s yearly highs and lows, it’s 0.318% up from its 52-week low and 0.177% down from its 52-week high.
Forex Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, USD/CNH’s Forex is considered to be overbought (>=80).
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