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I confirm my intention to proceed and enter this websiteIn this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USD/CNH for 22nd September 2023.
The Federal Reserve’s Decision: In September, the Federal Reserve made a pivotal decision to halt interest rate hikes. The dot plot hints at the possibility of future rate increases.
Furthermore, the overall monetary policy for the upcoming year leans towards a more hawkish stance, with a shift from an anticipated 5 interest rate cuts to just 2.
These factors collectively maintain the US dollar’s dominance, momentarily placing non-US currencies at a disadvantage.
(Daily chart of USD/CNH, source: Ultima Markets MT4)
Rebound and Candle Pattern: Our analysis of the daily chart reveals an interesting rebound in the USD/CNH pair after reaching the 33-day moving average.
This rebound pattern closely resembles a head and shoulders candle formation. This chart development signifies a potential right shoulder formation.
(4-hour chart of USD/CNH, source: Ultima Markets MT4)
Rebound Magnitude: Transitioning to the 4-hour chart, we observe that the recent rebound of USD/CNH has reached a significant level, approximately 1.618 times the rebound height recorded on September 14.
It is vital to keep a close watch on market movement below the 65-period moving average to gain insights into the conclusion of the market rebound.
(1-hour chart of USD/CNH, source: Ultima Markets MT4)
Equilibrium in the Market: On the 1-hour chart, the moving average remains a pivotal support for the market.
The stochastic oscillator hovers around the middle area at 50, indicating an equilibrium between bullish and bearish sentiments.
To confirm the initiation of short positions, a market movement below the moving average group is crucial.
(1-hour chart of USD/CNH, source: Ultima Markets MT4)
Key Price Level: According to the pivot indicator in Ultima Markets MT4, the central price for the day stands at 7.31286.
A bullish sentiment prevails above this level, with the first target at 7.32288 and the second target at 7.33139.
Conversely, a bearish stance is favored below 7.31286, with the first target at 7.30435 and the second target at 7.29450.
Ultima Markets cung cấp điều kiện giao dịch và chi phí cạnh tranh hàng đầu cho các mặt hàng phổ biến trên toàn thế giới.
Bắt đầu giao dịchTheo dõi thị trường mọi lúc mọi nơi
Thị trường dễ bị ảnh hưởng bởi những thay đổi về cung và cầu
Hấp dẫn với các nhà đầu tư chỉ quan tâm đến đầu cơ giá
Thanh khoản sâu và đa dạng, không có phí ẩn
Không qua môi giới tạo lập thị trương, không báo giá lại
Khớp lệnh nhanh chóng thông qua máy chủ Equinix NY4