Beginners

Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Economic Indicator

USD/CNH: Rebound meets resistance – OCBC

Source Fxstreet

USD/CNH was a touch firmer for a 3rd consecutive session this week, tracking USD/CNY fix which was set higher again – today at 7.1108 vs 7.1089 on Tuesday and 7.1072 on Monday vs. 7.1030 last Friday. Pair was last at 7.1451, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Risk of a short term rebound in USD/CNH

"This string of higher USD/CNY fixing snapped the 5-day streak of lower fixes prior. Bearish momentum on daily chart intact but shows tentative signs of moderation while RSI rose from oversold conditions. Inverted hammer observed on Friday’s price pattern may point to bullish reversal in the short term."

"We continue to flag the risk of a short term rebound in USD/CNH, given a relatively large decline (on a multi-week horizon). Resistance here at 7.1460 (61.8% fibo retracement of 2024 low to 2025 high), 7.1720/40 levels (21, 50 DMAs) and 7.20 levels (100 DMA, 50% fibo). Support at 7.1160 (recent low), 7.11 levels."

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment Option On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).

Author Mitrade

Aug 19, Tue

On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).

Trump warns of tariffs and export restrictions over global digital taxes U.S. President Donald Trump issued a stern warning on Monday against countries implementing digital taxes or regulations that affect American technology firms.

Author Mitrade

Aug 26, Tue

U.S. President Donald Trump issued a stern warning on Monday against countries implementing digital taxes or regulations that affect American technology firms.

Oil Gains on Supply Concerns Amid Ukraine Conflict, Fed Easing Hopes Oil prices climbed on Tuesday as fears over supply interruptions intensified due to the escalating Russia-Ukraine conflict.

Author Mitrade

Yesterday 08: 00

Oil prices climbed on Tuesday as fears over supply interruptions intensified due to the escalating Russia-Ukraine conflict.

Gold Pulls Back After Hitting Record High Amid Rate Cut Speculation and Tariff Concerns Gold prices briefly reached an all-time high on Tuesday, driven by ongoing expectations of U.S. interest rate cuts and growing uncertainty surrounding President Donald Trump’s trade tariffs.

Author Mitrade

Yesterday 09: 09

Gold prices briefly reached an all-time high on Tuesday, driven by ongoing expectations of U.S. interest rate cuts and growing uncertainty surrounding President Donald Trump’s trade tariffs.

S&P 500 and Nasdaq Futures Climb on Google Ruling Amid Tariff Concerns S&P 500 and Nasdaq futures climbed modestly on Tuesday evening, fueled by strong gains in Alphabet Inc. after a court handed down a less stringent antitrust ruling than initially feared.

Author Mitrade

6 hours ago

S&P 500 and Nasdaq futures climbed modestly on Tuesday evening, fueled by strong gains in Alphabet Inc. after a court handed down a less stringent antitrust ruling than initially feared.

Popular Symbols