USD/CNY Price Analysis: Yuan eyes worst weekly loss in two month


  • Yuan trades 0.27% lower on the week as dollar draws month-end bids. 
  • USD/CNY looks oversold as per weekly chart indicators.
  • The Chinese yuan (CNY) is currently trading at 6.5785 per US dollar, representing a 0.27% drop for the week. 

If these losses are held through Friday's close, it will be the biggest weekly decline since the third week of September. 

China's industrial profits rose for the sixth straight month in October, and at the fastest rate in nine years, data released early Friday showed. So far, however, the data has failed to put a bid under the yuan. The greenback is reportedly benefitting from the month-end corporate demand for the US dollar. 

Besides, the USD/CNY pair looks oversold, according to the below-30 reading on the 14-week Relative Strength Index. As such, a corrective bounce could be seen in the next couple of weeks. 

Weekly chart

Trend: Oversold

Technical levels

USD/CNY

Overview
Today last price 6.579
Today Daily Change 0.0034
Today Daily Change % 0.05
Today daily open 6.5756
 
Trends
Daily SMA20 6.6104
Daily SMA50 6.6951
Daily SMA100 6.8082
Daily SMA200 6.9368
 
Levels
Previous Daily High 6.5792
Previous Daily Low 6.5627
Previous Weekly High 6.6065
Previous Weekly Low 6.5404
Previous Monthly High 6.791
Previous Monthly Low 6.6414
Daily Fibonacci 38.2% 6.569
Daily Fibonacci 61.8% 6.5729
Daily Pivot Point S1 6.5658
Daily Pivot Point S2 6.556
Daily Pivot Point S3 6.5493
Daily Pivot Point R1 6.5823
Daily Pivot Point R2 6.589
Daily Pivot Point R3 6.5988

 

 

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