Trade deal expected to be signed on Wednesday. Chatter about China no longer a currency manipulator
The USDCNH is trading at the strongest level since July 29th. Helping to strengthed the off short yuan is the US/China is the design phase 1 of the treaty on Wednesday. Also there is chatter that the US will take China off the currency manipulator list.
Looking at the daily chart, the price is approaching some key support at the 61.8% retracement and lower trend line at the 0.68708 area.
Just below that level are some swing lows in the 6.86034-6.86678 area (yellow area in the chart above).
The good news on trade and the currency is helping to fuel the rise and the CNH. However some key support levels do lie ahead. That may stall the fall on the 1st test. The aware. Be prepared.
