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: Bulls can’t wait to test 7.1900 – UOB Group

Source Fxstreet

The US Dollar (USD) is likely to trade in a sideways range of 7.1620/7.1900. Downward momentum is fading, and the likelihood of USD revisiting the 7.0635 support level has diminished, UOB Group FX analysts Quek Ser Leang and Peter Chia note.

A break above 7.1900 is possible near term

24-HOUR VIEW: “USD traded in a sideways range of 7.1639/7.1895 last Friday, closing largely unchanged at 7.1750 (+0.01%). Further sideways range trading seems likely today, probably in a range of 7.1620/7.1900.”

1-3 WEEKS VIEW: “We have held a negative USD view since late last month. After USD fell sharply to 7.0636 and rebounded, in our most recent narrative from last Tuesday (06 Aug, spot at 7.1400), we highlighted that while further USD weakness is not ruled out, the low near 7.0635 is solid support now. We added, ‘a breach of 7.2000 would mean that the weakness has stabilised.’ USD subsequently traded sideways for a few days, and downward momentum is fading. The likelihood of USD breaking below 7.0635 has diminished.”

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

Recommended Articles

SEC Chair Backs CLARITY Act as Crypto Rally Stalls and Bitcoin Stays Below $65,000 With the FOMC rate decision looming, the US SEC Chairman's support for the CLARITY Act has a very limited impact on the crypto market.On July 29, US SEC Chairman Paul Atkins voiced suppor

Author TradingKey

8 hours ago

With the FOMC rate decision looming, the US SEC Chairman's support for the CLARITY Act has a very limited impact on the crypto market.On July 29, US SEC Chairman Paul Atkins voiced suppor

WTI rebounds from two-week low, well bid around mid-$81.00s amid Iran risks West Texas Intermediate (WTI) – the benchmark US Crude Oil price – gains strong positive traction during the Asian session on Wednesday, snapping a three-day losing streak to an over two-week low touched the previous day.

Author FXStreet

17 hours ago

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – gains strong positive traction during the Asian session on Wednesday, snapping a three-day losing streak to an over two-week low touched the previous day.

Fed Decision Eve: 104 Economists Expect No Change; Why Is Citadel Securities Betting on a Surprise Hike?The Federal Reserve will announce its July interest rate decision on July 29, Eastern Time. The current target range for the federal funds rate remains at 3.5%-3.75%, but the suspense sur

Author TradingKey

Yesterday 10: 22

The Federal Reserve will announce its July interest rate decision on July 29, Eastern Time. The current target range for the federal funds rate remains at 3.5%-3.75%, but the suspense sur

WTI Oil flirts with the $80 level amid speculation about US-Iran peace talks Oil prices remain depressed on Tuesday, as hopes of a new round of peace talks between the US and Iran boosted hopes of a de-escalation of the Middle East conflict.

Author FXStreet

Yesterday 09: 14

Oil prices remain depressed on Tuesday, as hopes of a new round of peace talks between the US and Iran boosted hopes of a de-escalation of the Middle East conflict.

Gold declines despite easing concerns over inflation, interest rate hikes Gold price (XAU/USD) loses ground after registering gains in the previous day, trading around $4,050 per troy ounce during the Asian hours on Tuesday.

Author FXStreet

Yesterday 01: 26

Gold price (XAU/USD) loses ground after registering gains in the previous day, trading around $4,050 per troy ounce during the Asian hours on Tuesday.

Popular Symbols