The CNH manages to force the USDCNH exchange rate to hold steady
As evident on the chart, the Chinese yuan manages to force the USDCNH exchange rate to hold steady this Friday’s trading sessions. Despite that, the trading pair’s prices are still widely projected to continue its bullish route and gradually head on over to its resistance level in October. However, it’s worth noting that more experts are now getting convinced that Beijing is ready to let its currency strengthen against the US dollar. This raises speculations as to whether the yuan could actually become one of the biggest currencies in the coming months. On the other hand, the US dollar’s strength was strained by the latest news about Federal Reserve Chair Jerome Powell’s indication to aid or support small business and unemployed people in the United States. According to Powell, the US Congress should prioritize those groups if they were to reallocate the funds away from backstopping the central bank’s own emergency lending programs.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.