USD/CNH - 1H - Technical analysis published on 07/24/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Analysis too old. There are no more charts available.
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Bearish
Technical indicators
17%
61%
22%
My opinion
Bearish under 7.29725 CNH
My targets
7.27851 CNH (-0.00745)
7.26802 CNH (-0.01794)
My analysis
USD/CNH is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 7.29725 CNH. The next support located at 7.27851 CNH is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 7.26802 CNH. Below this support, sellers could then target 7.26058 CNH.
Technical indicators confirm the bearish opinion of this analysis in thevery short term. However, be careful of excessive bearish movements. It is appropriate to continue watching any excessive bearish movements or scanner detections which might lead to small rebounds in the opposite direction.
Force
0
10
4.6
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This analysis was given by Londinia. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The USD/CNH rating is 7.28596 CNH. The price is lower by -0.06% since the last closing with the lowest point at 7.28163 CNH and the highest point at 7.29165 CNH. The deviation from the price is +0.06% for the low point and -0.08% for the high point.7.28163
7.29165
7.28596
The Central Gaps scanner detects a bullish opening. A small advantage for buyers in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new HIGH record (5 years)
Type : Bullish
Timeframe : Weekly
Near a new LOW record (1 year)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of USD/CNH indicates that the overall trend is bearish. The signals given by moving averages are 64.29% bearish. This bearish trend is reinforced by the strong signals currently being given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
The probability of a further decline is moderate given the direction of the technical indicators.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : 1 hour
Pivot points : price is under support 1
Type : Neutral
Timeframe : 1 hour
The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified this signal:
Near support of channel
Type : Bullish
Timeframe : 1 hour
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects this inversion signal that could impact the current short-term trend:
Doji
Type : Neutral
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 7.27495 | 7.27851 | 7.28548 | 7.28596 | 7.29186 | 7.29725 | 7.30773 |
| Change (%) | -0.15% | -0.10% | -0.01% | - | +0.08% | +0.15% | +0.30% |
| Change | -0.01101 | -0.00745 | -0.00048 | - | +0.00590 | +0.01129 | +0.02177 |
| Level | Major | Minor | Intermediate | - | Intermediate | Minor | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.27294 | 7.27923 | 7.28478 | 7.29107 | 7.29662 | 7.30291 | 7.30846 |
| Camarilla | 7.28706 | 7.28815 | 7.28924 | 7.29032 | 7.29141 | 7.29249 | 7.29358 |
| Woodie | 7.27256 | 7.27905 | 7.28440 | 7.29089 | 7.29624 | 7.30273 | 7.30808 |
| Fibonacci | 7.27923 | 7.28376 | 7.28655 | 7.29107 | 7.29560 | 7.29839 | 7.30291 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.23457 | 7.24757 | 7.26657 | 7.27957 | 7.29857 | 7.31157 | 7.33057 |
| Camarilla | 7.27676 | 7.27969 | 7.28263 | 7.28556 | 7.28849 | 7.29143 | 7.29436 |
| Woodie | 7.23756 | 7.24907 | 7.26956 | 7.28107 | 7.30156 | 7.31307 | 7.33356 |
| Fibonacci | 7.24757 | 7.25980 | 7.26735 | 7.27957 | 7.29180 | 7.29935 | 7.31157 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.19189 | 7.21651 | 7.25861 | 7.28323 | 7.32533 | 7.34995 | 7.39205 |
| Camarilla | 7.28237 | 7.28849 | 7.29460 | 7.30072 | 7.30684 | 7.31295 | 7.31907 |
| Woodie | 7.20064 | 7.22088 | 7.26736 | 7.28760 | 7.33408 | 7.35432 | 7.40080 |
| Fibonacci | 7.21651 | 7.24199 | 7.25774 | 7.28323 | 7.30871 | 7.32446 | 7.34995 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 38.48 | |
| MACD (12,26,9): | -0.0014 | |
| Directional Movement: | -18.46276 | |
| AROON (14): | -42.85714 | |
| DEMA (21): | 7.28608 | |
| Parabolic SAR (0,02-0,02-0,2): | 7.28976 | |
| Elder Ray (13): | -0.00312 | |
| Super Trend (3,10): | 7.29154 | |
| Zig ZAG (10): | 7.28460 | |
| VORTEX (21): | 0.9045 | |
| Stochastique (14,3,5): | 19.39 | |
| TEMA (21): | 7.28489 | |
| Williams %R (14): | -70.86 | |
| Chande Momentum Oscillator (20): | -0.00539 | |
| Repulse (5,40,3): | -0.0012 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0019 | |
| Courbe Coppock: | 0.09 |
| MA7: | 7.28472 | |
| MA20: | 7.28858 | |
| MA50: | 7.27410 | |
| MA100: | 7.25544 | |
| MAexp7: | 7.28578 | |
| MAexp20: | 7.28773 | |
| MAexp50: | 7.28844 | |
| MAexp100: | 7.28665 | |
| Price / MA7: | +0.02% | |
| Price / MA20: | -0.04% | |
| Price / MA50: | +0.16% | |
| Price / MA100: | +0.42% | |
| Price / MAexp7: | +0.00% | |
| Price / MAexp20: | -0.02% | |
| Price / MAexp50: | -0.03% | |
| Price / MAexp100: | -0.01% |
Quotes :
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Real time data
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Forex
News
The last news published on USD/CNH at the time of the generation of this analysis was as follows:
-
USD/CNH Forecast July 23, 2024
-
USD/CNH Forecast July 11, 2024
-
USD/CNH: China cuts rates as more data show a weakening economy
-
Trading the Trend: long USD/CNH
-
Trade of the Week - Monday 21/11/22: long USD/CNH
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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