Connect with us

Hi, what are you looking for?

Economy

USDCAD and USDCNH: USDCNH falls under pressure at 7.27723

USDCAD and USDCNH: USDCNH falls under pressure at 7.27723

Yesterday, USDCAD broke out of the previous sideways consolidation, forming a weekly low at the 1.36100 level. 
During this morning’s Asian trading session, USDCNH started to pull back and fell below the 7.28500 level. 

USDCAD chart analysis

Yesterday, USDCAD broke out of the previous sideways consolidation, forming a weekly low at the 1.36100 level. During this morning’s Asian trading session, the pair managed to stabilize at the 1.36200 level and initiate a bullish consolidation after that. In the previous hour, we saw a jump to the 1.36400 level. We have support from the EMA 50 moving average and are back in the range of movement from the beginning of the week.

USDCAD is close to the weekly open price and EMA 200 moving average. We expect greater resistance there and need a breakthrough above to initiate further recovery. Potential higher targets are 1.36500 and 1.36600. We need a negative consolidation going down to the 1.36200 level for a bearish option. The pair could expect the first support at the daily open price. Potential lower targets are 1.36100 and 1.36000 levels.

 

USDCNH chart analysis

During this morning’s Asian trading session, USDCNH started to pull back and fell below the 7.28500 level. The previous support of the weekly open price of 7.28866 was broken. The pair continued to retreat in the EU session, forming a weekly low at the 7.27723 level. Now we are still in that zone and it could easily happen that we slip to a new low.

Potential lower targets are 7.27500 and 7.27000 levels. We need a positive consolidation and a return above the 7.28500 level for a bullish option. Then we would have to hold there to trigger the return of the above weekly open price. After returning to the positive side USDCNH could start thinking about further recovery. Potential higher targets are 7.29000 and 7.29500 levels.

https://www.tradingview.com/x/9XKAqlNk/

 

The post USDCAD and USDCNH: USDCNH falls under pressure at 7.27723 appeared first on FinanceBrokerage.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A group of two dozen former House Democrats has sent a letter to President Joe Biden calling for him to step aside to prevent...

    Stock

    DETROIT — General Motors will increase production of its Cadillac Escalade V-Series performance model as part of updates to the flagship SUV for the 2025 model year. The...

    Editor's Pick

    According to IoT Analytics, the Enterprise IoT market size reached $269 billion in 2023, representing 15% growth year-over-year. Growth is expected to slow down...

    Editor's Pick

    Berg Insight just released new findings about the market for electric vehicle charging infrastructure in Europe and North America. The number of connected EV...

    Disclaimer: Financetimereport.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Financetimereport.com