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Chinese Yuan: USD/CNY (CNY=X) Came to an End of a 6 Week Slide

Chinese Yuan: USD/CNY (CNY=X) Came to an End of a 6 Week Slide

The Thai baht and Singapore dollar hit one-year lows. The Malaysian ringgit hit its lowest level in the past seven months.

The Indonesian rupiah and Philippines peso hit multi-year lows.

Interestingly, the Chinese yuan breached its CNY 6.70/USD psychological level last week and is currently at around a one-year low as well. It seems that investors are bearish on the yuan and the negative sentiment has spilled over to currencies. It remains to be seen whether will let the yuan weaken further or move to keep it in line with regional currencies. If the latter happens, it might be good for nations as is the number one trading partner among the bloc.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 6.55.

The projected upper bound is: 6.83.

The projected lower bound is: 6.72.

The projected closing price is: 6.77.


A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 30 white candles and 19 black candles for a net of 11 white candles.

A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or w

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 81.9997. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 4 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 79.87. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 9 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 192.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 12 period(s) ago.


The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX CNY= closed down -0.004 at 6.766. Volume was 46% above average (neutral) and Bollinger Bands were 71% wider than normal.

Open High Low Close Volume___
6.774 6.811 6.765 6.766 4,032

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 6.69 6.50 6.46
Volatility: 7 6 5
Volume: 4,054 3,752 2,247

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.


FOREX CNY= is currently 4.8% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume into CNY= (bullish). Our trend forecasting oscillators are currently bullish on CNY= and have had this outlook for the last 25 periods. Our momentum oscillator is currently indicating that CNY= is currently in an overbought condition.