Trade Idea and Analysis for USD/CNH Forex Cross Pair
17 Aug 2023
Today, we have a new Forex trade idea and analysis for all you traders, focusing on one Forex cross pair that has recently been making waves: USD/CNH. Whether you’re a seasoned trader or just dipping your toes into the vast ocean of Forex trading, you can navigate these Forex trade ideas and uncover profitable opportunities with our comprehensive supply and demand Forex analysis. Get ready to catch that perfect wave and ride it towards financial success!
The USD/CNH cross-pair is currently trading at 7.33, creating a strong demand imbalance in the daily timeframe. We’re waiting for the dip on the daily chart to buy the US dollar. The US dollar could continue to rally to higher grounds without returning to the imbalance at 7.244. The Chinese Yuan is weakening against the US dollar, and that’s great for this Forex trade. The only thing we can do is wait for the pullback since the 4-hour timeframe is trading up, and after a strong bullish impulse, Forex cross pairs tend to correct to the origin of the impulse, which in this case is also a demand imbalance.
The USDCNH Forex chart attached below was posted in Set and Forget’s online trading academy on the 17th of August, 2023, together with many other Forex trade ideas and updates.
Trading the USD/CNH Forex cross-pair can be lucrative if done correctly. While there are no guarantees when it comes to trading, understanding key supply and demand imbalance levels, potential trade entry and exit points, and risk management strategies can all help increase your chances of success in this volatile market. With patience, discipline, and an open mind, you may be riding the wave to increased profits!
You can use these Forex imbalances to plan your trades in lower timeframes. Trading is just waiting for the right trigger points and scenarios to present themselves. This game has got a name, and it’s called the waiting game. We must patiently wait for the correct scenarios and setups to happen and wait for the price to pull back or dip into the price levels we want to trade; in our case, these price levels are made of supply and demand imbalances.
Join Set and Forget’s online trading academy or subscribe to your Forex Trade Ideas to start making money using the forces of supply and demand.
© 2013 – 2024
Set and Forget S.L
All Rights Reserved.
Follow Us
Disclaimer
Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Set and Forget, its employees, or fellow members. Futures, options, and spot currency and stocks trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex and futures markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell spot Forex, cfd's, stocks or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.