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: A downward bias towards 7.0500 – UOB Group

Source Fxstreet

The US Dollar (USD) is likely to trade with a downward bias towards 7.0500, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

USD to trade towards 7.0500

24-HOUR VIEW: “Our view for USD to trade in a 7.0850/7.1150 range was incorrect, as it rose to 7.1133 and then plummeted to 7.0601. While the sharp drop appears to be running ahead of itself, there is scope for USD to break below 7.0600 today. The next support 7.0500 is unlikely to come into view. Resistance levels are at 7.0800 and 7.0970.”

1-3 WEEKS VIEW: “On Tuesday (17 Sep, spot at 7.1005), we indicated that USD ‘is likely to trade in a sideways range of 7.0700/7.1300.’ Yesterday, USD fell and broke below 7.0700, reaching a low of 7.0601. Downward momentum has increased, albeit not much. From here, provided that USD remain 7.1100, we expect USD to trade with a downward bias towards 7.0500.”

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

Recommended Articles

Nasdaq Index Rises for 10 Straight Days, Why Has Tesla Barely Risen?On April 14, the Nasdaq notched its tenth consecutive session of gains, marking its longest winning streak since 2023. It has risen nearly 14% from its recent lows, as the 'Magnificent Se

Author TradingKey

7 hours ago

On April 14, the Nasdaq notched its tenth consecutive session of gains, marking its longest winning streak since 2023. It has risen nearly 14% from its recent lows, as the 'Magnificent Se

Gold eases from four-week top as Hormuz risks temper USD weakness Gold (XAU/USD) hits a nearly four-week high during the Asian session on Wednesday, though it lacks follow-through buying and currently trades just below the $4,850 level, nearly unchanged for the day.

Author FXStreet

10 hours ago

Gold (XAU/USD) hits a nearly four-week high during the Asian session on Wednesday, though it lacks follow-through buying and currently trades just below the $4,850 level, nearly unchanged for the day.

Silver Price Forecasts: XAG/USD approaches $78.00 boosted by Iran peace hopes Silver (XAG/USD) is rushing higher on Tuesday, reaching fresh two-week highs right below $78.00 at the time of writing, after bouncing from lows around $72.60 on Monday.

Author TradingKey

Yesterday 10: 01

Silver (XAG/USD) is rushing higher on Tuesday, reaching fresh two-week highs right below $78.00 at the time of writing, after bouncing from lows around $72.60 on Monday.

Trump Blockade of Strait of Hormuz Drives Oil Price Surge, Will This Be Another TACO? On Sunday (April 13), Trump announced following the breakdown of U.S.-Iran negotiations that the U.S. Navy would impose a maritime blockade on Iranian ports starting Monday.Following the

Author TradingKey

Apr 13, Mon

On Sunday (April 13), Trump announced following the breakdown of U.S.-Iran negotiations that the U.S. Navy would impose a maritime blockade on Iranian ports starting Monday.Following the

U.S.-Iran Standoff in the Strait of Hormuz. Iranian-Controlled Strait Has Not Resumed Passage; Why Does Trump Still Want a Military Blockade?Following the failure of U.S.-Iran peace talks, President Trump announced on Sunday that the U.S. Navy will immediately blockade the Strait of Hormuz and prevent any vessels that have pai

Author TradingKey

Apr 13, Mon

Following the failure of U.S.-Iran peace talks, President Trump announced on Sunday that the U.S. Navy will immediately blockade the Strait of Hormuz and prevent any vessels that have pai

Popular Symbols