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

How Will the U.S.-Iran Situation Evolve? What Is Behind the Nasdaq’s Record High?The conflict in the Middle East escalated further over the weekend. Optimistic signals released by Trump were refuted by the Iranian side. According to Reuters, the U.S. military seized a

Author TradingKey

11 hours ago

The conflict in the Middle East escalated further over the weekend. Optimistic signals released by Trump were refuted by the Iranian side. According to Reuters, the U.S. military seized a

U.S.-Iran Standoff Suddenly Escalates Over Weekend, Crude Jumps 8% at Monday Open Over the weekend, the U.S. and Iran engaged in a new round of maneuvering over the situation in the Middle East, leading to a rapid escalation in geopolitical risks. As a result, internat

Author TradingKey

19 hours ago

Over the weekend, the U.S. and Iran engaged in a new round of maneuvering over the situation in the Middle East, leading to a rapid escalation in geopolitical risks. As a result, internat

Gold slumps below $4,800 on renewed Strait of Hormuz tensions Gold price (XAU/USD) slumps to around $4,775 during the early Asian session on Monday. Traders digest renewed tensions between the United States (US) and Iran over the critical Strait of Hormuz.

Author FXStreet

20 hours ago

Gold price (XAU/USD) slumps to around $4,775 during the early Asian session on Monday. Traders digest renewed tensions between the United States (US) and Iran over the critical Strait of Hormuz.

Forex Today: Markets cling to cautious stance despite Israel-Lebanon ceasefire Here is what you need to know on Friday, April 17:

Author FXStreet

Apr 17, Fri

Here is what you need to know on Friday, April 17:

WTI drifts higher to near $89.00 amid Lebanon-Israel ceasefire strains West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $89.00 during the Asian trading hours on Friday. The WTI price edges higher after reports that Lebanon's army accuses Israel of violating the ceasefire.

Author FXStreet

Apr 17, Fri

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $89.00 during the Asian trading hours on Friday. The WTI price edges higher after reports that Lebanon's army accuses Israel of violating the ceasefire.

Popular Symbols