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

Technical Analysis

USD/CNH: Scope to test 7.2850 – UOB Group

Source Fxstreet

The US Dollar (USD) is likely to trade in a sideways range of 7.2650/7.2850 and, ultimately, with a downward bias towards 7.2400, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.

USD may test 7.2850 in the short run

24-HOUR VIEW: “We highlighted yesterday that ‘the risk is for USD rising today, but any advance is expected to face strong resistance at 7.2910.’ Our expectations did not quite materialise, as after rising to 7.2862, USD pulled back to close at 7.2740 ( 0.04%). The current price movements are likely part of a sideways trading phase. Today, USD is likely to trade in a range of 7.2650/7.2850.”

1-3 WEEKS VIEW: “Last Friday (12 Jul, spot at 7.2685), we indicated that USD ‘is likely to trade with a downward bias towards 7.2400.’ We highlighted that ‘the downward bias is intact as long as USD remains below 7.2910.’ There is no chance in our view.

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

Recommended Articles

Gold Price Forecast: Gold May Break $4,500 as Fed Rate-Hike Expectations Continue to Cool As of the European session on August 17, gold prices (XAUUSD) were trading above $4,400, up about 0.7% on the day and reaching an intraday high of $4,416.43, extending last Friday's gains

Author TradingKey

10 hours ago

As of the European session on August 17, gold prices (XAUUSD) were trading above $4,400, up about 0.7% on the day and reaching an intraday high of $4,416.43, extending last Friday's gains

Gold gains momentum to near $4,400 as Fed hike expectations drop despite Us-Iran tensions Gold price (XAU/USD) gains momentum to around $4,395 during the early Asian trading hours on Monday. The precious metal extends the rally as cooling US inflation data has dampened expectations for the US Federal Reserve (Fed) interest rate hike.

Author FXStreet

19 hours ago

Gold price (XAU/USD) gains momentum to around $4,395 during the early Asian trading hours on Monday. The precious metal extends the rally as cooling US inflation data has dampened expectations for the US Federal Reserve (Fed) interest rate hike.

Copper Price Forecast: Tight Supply Pushes Price Above $14,000, Can Copper Reach $15,000?As of the European session on August 14, international spot copper prices (COPPER) continued to fluctuate near historical highs, trading around $14,070, down slightly by 0.3% intraday. De

Author TradingKey

Aug 14, Fri

As of the European session on August 14, international spot copper prices (COPPER) continued to fluctuate near historical highs, trading around $14,070, down slightly by 0.3% intraday. De

WTI remains below $80.50 as traders monitor diplomatic efforts to reopen Hormuz West Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $80.30 per barrel during the Asian hours on Friday. Crude oil prices edge lower as investors adopt a wait-and-see approach, closely monitoring diplomatic attempts to reopen the Strait of Hormuz.

Author FXStreet

Aug 14, Fri

West Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $80.30 per barrel during the Asian hours on Friday. Crude oil prices edge lower as investors adopt a wait-and-see approach, closely monitoring diplomatic attempts to reopen the Strait of Hormuz.

Forex Today: US Dollar stabilizes ahead of next batch of US data Here is what you need to know on Thursday, August 13:

Author FXStreet

Aug 13, Thu

Here is what you need to know on Thursday, August 13:

Popular Symbols