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

Australian Dollar rises on upbeat labor market data The Australian Dollar (AUD) gains ground against the US Dollar (USD) on Thursday, extending its gains for the second consecutive day. The AUD/USD pair appreciates as the AUD receives support following the release of improved employment data from Australia.

Author FXStreet

22 hours ago

The Australian Dollar (AUD) gains ground against the US Dollar (USD) on Thursday, extending its gains for the second consecutive day. The AUD/USD pair appreciates as the AUD receives support following the release of improved employment data from Australia.

Gold edges toward $4,200 as shutdown deal fuels aggressive December Fed cut bets Gold trades near $4,195 in early Asian dealings, brushing up against the $4,200 mark as hopes for a U.S. shutdown-ending funding bill and a nearly 64% market-implied chance of a December Fed rate cut support XAU/USD, even as a divided Federal Reserve and upcoming policymaker speeches threaten to steady the dollar and cap bullion’s latest advance.

Author Mitrade

16 hours ago

Gold trades near $4,195 in early Asian dealings, brushing up against the $4,200 mark as hopes for a U.S. shutdown-ending funding bill and a nearly 64% market-implied chance of a December Fed rate cut support XAU/USD, even as a divided Federal Reserve and upcoming policymaker speeches threaten to steady the dollar and cap bullion’s latest advance.

Why a Quiet 2025 Signals a Massive 2026 Crypto Bull Run: Bitwise CIO Explains Bitwise's Matt Hougan Predicts a Crypto Boom in 2026 Amid Current Market Struggles

Author Mitrade

20 hours ago

Bitwise's Matt Hougan Predicts a Crypto Boom in 2026 Amid Current Market Struggles

Gold hits three-week top as dovish Fed bets offset US government reopening optimism Gold (XAU/USD) reverses a modest Asian session dip and climbs to an over three-week high, around the $4,213 region, on Thursday.

Author FXStreet

18 hours ago

Gold (XAU/USD) reverses a modest Asian session dip and climbs to an over three-week high, around the $4,213 region, on Thursday.

Cisco’s Stock Pops After Smashing Earnings—Thanks to $1.3 Billion in AI Orders Cisco just dropped its latest earnings report—and investors are loving it. The company blew past expectations for both profit and sales in its fiscal first quarter, sparking a more than 7% jump in the stock after Wednesday’s closing bell.

Author Mitrade

16 hours ago

Cisco just dropped its latest earnings report—and investors are loving it. The company blew past expectations for both profit and sales in its fiscal first quarter, sparking a more than 7% jump in the stock after Wednesday’s closing bell.

Popular Symbols