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: Trades towards 7.2980– UOB Group

Source Fxstreet

The US Dollar (USD) is likely to edge higher. As upward momentum is not strong; any advance is unlikely to reach 7.2980. USD is still trading in a 7.2600/7.3100 range, UOB Group FX strategists Quek Ser Leang and Peter Chia note.

Rangebound within 7.2600/7.3100

24-HOUR VIEW: “We expected USD to trade in 7.2682/7.2880 range last Friday. USD then traded between 7.2763 and 7.2895, closing at 7.2867 ( 0.11%). There has been a slight increase in momentum. Today, USD is likely to edge higher. As upward momentum is not strong, any advance is unlikely to reach 7.2980. Support is at 7.2770, followed by 7.2700.”

1-3 WEEKS VIEW: “Our most recent narrative was from last Thursday (18 Jul, spot at 7.2680), wherein ‘downward momentum is building again, but USD must break and stay below 7.2600 before a decline to 7.2400 can be expected.’ We indicated that ‘the chance of USD breaking clearly below 7.2600 will remain intact provided that 7.2900 is not breached.’ On Friday, USD rose, reaching a high of 7.2895. While our ‘strong resistance’ of 7.2900 has not been clearly breached yet, the buildup in momentum has largely faded. From here, it appears that USD is still trading in a 7.2600/7.3100 range.”

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

Recommended Articles

Gold rebounds above $4,350 as US Dollar, Treasury yields slip Gold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.

Author FXStreet

Sep 03, Thu

Gold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.

Gold rebounds above $4,450 as Waller tempers Fed rate hike bets ahead US jobs data Gold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday.

Author FXStreet

Sep 04, Fri

Gold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday.

Hot August jobs report reignites Fed-hike bets; S&P 500 slips below 7,700 — what to watch before the September FOMC August nonfarm payrolls surged to 162,000, three times the consensus, pushing CME FedWatch odds of a September 25-bp hike to 58.4% and dragging the S&P 500 below 7,700. CPI, PPI and the Sept 15-16 FOMC decision now set the tone for US stocks.

Author Irene Q.

Sep 07, Mon

August nonfarm payrolls surged to 162,000, three times the consensus, pushing CME FedWatch odds of a September 25-bp hike to 58.4% and dragging the S&P 500 below 7,700. CPI, PPI and the Sept 15-16 FOMC decision now set the tone for US stocks.

AUD/USD climbs for a fourth day to 0.7218 as Fed-hike bets fail to lift the dollar; RBA speakers and US CPI now in focus The Australian dollar has risen for four straight sessions toward 0.72 even after August nonfarm payrolls far exceeded expectations and pushed September Fed-hike odds to 58.4%. A thin, holiday-thinned dollar is the short-term driver; Westpac confidence and RBA speakers today, US PPI/CPI this week and the Sept 15-16 FOMC will decide whether the rally holds.

Author Irene Q.

Yesterday 07: 08

The Australian dollar has risen for four straight sessions toward 0.72 even after August nonfarm payrolls far exceeded expectations and pushed September Fed-hike odds to 58.4%. A thin, holiday-thinned dollar is the short-term driver; Westpac confidence and RBA speakers today, US PPI/CPI this week and the Sept 15-16 FOMC will decide whether the rally holds.

Gold slumps to near $4,350 amid oil-driven inflation fears, US inflation data in focus Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

Author FXStreet

9 hours ago

Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

Popular Symbols