EDGE Chart of the Day – USDCNH- (October 17th, 2023)

<div><p><div><h2 itemprop="headline">USDCNH is Breaking Out!</h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>The USDCNH is breaking out of a triangle today ahead of key Chinese data. On Wednesday morning in Asian trade, China will release retail sales, GDP&lt; unemployment rate and Fixed Asset Investment. Ahead of this, the pair is already threatening a move to the key resistance at the 7.3800 level. A level that has capped the market in October 2022 and Sept 2023. A break above this level is sure to trigger a massive amount of stops and could carry the pair towards the 127% extension at 7.5600. A weakening Yuan could be a way that China helps insulate the Chinese economy and it’s imports (making them cheaper to the rest of the world) by allowing a fresh weakening cycle of its currency.</p>
<p><img decoding="async" fetchpriority="high" class="alignnone size-full wp-image-10866" src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDCNH_2023-10-17_10-49-27.png" alt="" width="1467" height="839" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDCNH_2023-10-17_10-49-27.png 1467w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDCNH_2023-10-17_10-49-27-400×229.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDCNH_2023-10-17_10-49-27-800×458.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDCNH_2023-10-17_10-49-27-768×439.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDCNH_2023-10-17_10-49-27-705×403.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/10/USDCNH_2023-10-17_10-49-27-450×257.png 450w" sizes="(max-width: 1467px) 100vw, 1467px" /></p>
<p>Blake Morrow</p>
<p>Our EDGE <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">“Chart of the Day”</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Steve Voulgaridis</p>
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