In September 2024, China’s exports increased by 2.4% compared to last year’s, reaching USD 303.71 billion. This growth was less than the expected 6% and was the slowest increase since April.
Although this marks the fifth consecutive month of growth, the pace has slowed from the 8.7% peak in August, which was the highest in 17 months. This deceleration is partly because the growth is measured against last year’s figures when there was a notable drop of 8.55% in exports during the same period.
Modest Increase in Imports
China’s imports in September 2024 rose slightly by 0.3% year-on-year, totaling USD 222.0 billion. This growth fell short of the anticipated 0.9% and slowed from the 0.5% increase in August.
This modest rise reflects a slow recovery in China’s domestic demand. From January to September 2024, imports have grown by 2.2%, reaching USD 1.93 trillion for the first nine months of the year.
USDCNH Technical Analysis- 14-October-2024
The USD/CNH currency is in an uptrend, trading above the BC wave’s %50 Fibonacci retracement level at approximately 7.087. The technical indicators suggest the primary trend is bullish and should resume.
- The Awesome oscillator flipped above the signal line with green bars, meaning the bullish trend prevails.
- The USD/CNH price is also above the Kernel Regression line, which indicates that the currency pair is in a bull market.
USDCNH Forecast – 14-October-2024
That said, the primary resistance area is at 7.066, the October 11 low. From a technical perspective, if bulls maintain a position above the immediate support, the current uptrend will likely revisit the October 4 high at 7.104.
Furthermore, if the buying pressure exceeds 7.104, the next bullish target could be 7.137, the
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
