JICPT| USDCNH on the way to test 7.2
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Hello everyone. My latest published idea with the title of USDCNH is likely to test 7.01, is absolutely right. Now the upper boundary of the range(7.01) has been conquered. What's next?
On the fundamental side, CNH is expected to be weaken due to the loose monetary policy to support the economy. I think China and Japan are the two major powers in the world keep or lower the interest rate. China's CPI is 2.5%, well below that of US. Also, China's export is losing its momentum. so the weaker CNH will help to maintain its competitive in the market place. However, China aims to make Renminbi the next global currency. So, CNH(offshore Renminbi) is required to be stable to attract foreign investors. So the question is where is the possible level government would step in?
I guess 7.2 is the key level we need to focus on. The level is the previous high created during the pandemic back in 2020.
On the technical side, the range works until it's been firmly penetrated. The upper boundary of the new range is coincided to be 7.2.
Let's see how it approach the key level. What do you think? Give me a like if you're with me.
On the fundamental side, CNH is expected to be weaken due to the loose monetary policy to support the economy. I think China and Japan are the two major powers in the world keep or lower the interest rate. China's CPI is 2.5%, well below that of US. Also, China's export is losing its momentum. so the weaker CNH will help to maintain its competitive in the market place. However, China aims to make Renminbi the next global currency. So, CNH(offshore Renminbi) is required to be stable to attract foreign investors. So the question is where is the possible level government would step in?
I guess 7.2 is the key level we need to focus on. The level is the previous high created during the pandemic back in 2020.
On the technical side, the range works until it's been firmly penetrated. The upper boundary of the new range is coincided to be 7.2.
Let's see how it approach the key level. What do you think? Give me a like if you're with me.
Note
It goes beyond what I expected. a bit emotional...After PBOC stepped in, I guess, the it may go sideways for a while.
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