(VIANEWS) – This pair represents the US Dollar against offshore Chinese Renminbi. The Renmibi is also known as the Yuan in its unit name and is denoted by the letters CNY when traded within China. USD/CNH reaffirmed its intraday high at $6.4726. The Chinese currency (CNH), reacting to recent sluggish activity figures from China and covid concerns.
FXStreet reported on the weekend that China’s July official activity data, NBS Manufacturing PMI for China, fell below 50.8 forecasted to 50.4. Caixin Manufacturing’s July report dropped to 51.3 from the previous month and was expected to drop below 50.3.
USD/CNH (USDCNH) is currently on bearish momentum. At 12:07 EST on Tuesday, 3 August, USD/CNH (USDCNH) is at 6.4642, 0.91% down since the last session’s close.
USD/CNH (USDCNH) Range
Concerning USD/CNH’s daily highs and lows, it’s 0.175% up from its trailing 7 days low of $6.45 and 0.95% down from its trailing 7 days high of $6.53.
USD/CNH’s yearly highs and lows, it’s 0.138% up from its 52-week low and 0.077% 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).
Last news about USD/CNH (USDCNH)
Usd/cnh regains $6.4700 on dismal China PMI data, bond yields. According to FXStreet on Monday, 2 August, “Although six-week-old horizontal support surrounding $6.4500 becomes a tough nut to crack for USD/CNH bears, 200-DMA near $6.4950 guards short-term recovery moves.”
News about EUR/USD
Eur/usd: positive eurozone economic surprises offer support for the euro – MUFG. According to FXStreet on Monday, 2 August, “The euro has continued to trade at stronger levels at the start of this week after staging a modest rebound at the end of last month which lifted EUR/USD to an intra-day high of 1.1909 on Friday. “, “We expect EUR/USD to stabilize around the 1.2000-level heading into year-end.”
Eur/usd price analysis: portrays bearish set-up on d1 below 1.1900. According to FXStreet on Sunday, 1 August, “As 1.1830 offers immediate support to the quote, a downside break of which will direct EUR/USD towards the previous month’s low near 1.1750 and firm-up bearish bias.”, “Alternatively, a confluence of the stated EMA and 61.8% Fibonacci retracement of March-May upside near 1.1920 will shrug off the bearish signals and pushing the EUR/USD prices towards late June’s swing high surrounding 1.1975.”
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