Signs say that USD/CNH will continue to head upwards

The nerve-racking trade tension between Washington and Beijing has propelled the US dollar to the Chinese yuan exchange rate. Signs say that the pair will continue to head upwards, reaching its resistance and surpassing its highest levels from late last year. looking at the pair, it’s evident that it has just become bullish last month when the 50-day moving average climbed up against the 200-day moving average. The US dollar rises against a number of currencies in the market as mainland China accuses the United States of pushing geopolitical tensions to a new “cold war”. And the once again escalating anti-Beijing protests in Hong Kong is making it difficult between the two parties to patch up things. See, last week, China announced a newly published draft law that will remove the special administrative region status of Hong Kong and give the Chinese government more power in the Asian financial hub. A move that raised several eyebrows.