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

Bitcoin Rout. Bridgewater Founder Dalio Publicly Backs Gold.Gold returns to the $5,000 mark as Bitcoin prices weaken to hit new lows; what is the future outlook?During the Asian session on Wednesday (February 4), gold ( XAUUSD) prices continued to

Author TradingKey

10 hours ago

Gold returns to the $5,000 mark as Bitcoin prices weaken to hit new lows; what is the future outlook?During the Asian session on Wednesday (February 4), gold ( XAUUSD) prices continued to

Gold rallies further beyond $5,050 amid flight to safety, dovish Fed expectations Gold (XAU/USD) attracts follow-through buying for the second consecutive day and surges past the $5,000 psychological mark during the Asian session on Wednesday amid the global flight to safety.

Author FXStreet

12 hours ago

Gold (XAU/USD) attracts follow-through buying for the second consecutive day and surges past the $5,000 psychological mark during the Asian session on Wednesday amid the global flight to safety.

Bitcoin Bottom Debate: $70,000 or $50,000? Where is the Bitcoin bottom? Can you buy the dip now? Cathie Wood suggests swapping gold for Bitcoin.On Tuesday (February 3), panic in the crypto market eased as Bitcoin ( BTC) prices reb

Author TradingKey

Yesterday 10: 30

Where is the Bitcoin bottom? Can you buy the dip now? Cathie Wood suggests swapping gold for Bitcoin.On Tuesday (February 3), panic in the crypto market eased as Bitcoin ( BTC) prices reb

Bitcoin Reaches ‘Fire-Sale’ Valuations as ETF Outflows Jump, Says Bitwise Bitcoin’s two-year rolling MVRV z-score has dropped to its lowest level ever, pointing to extreme undervaluation.

Author Mitrade

Yesterday 10: 25

Bitcoin’s two-year rolling MVRV z-score has dropped to its lowest level ever, pointing to extreme undervaluation.

Analyst Flags XRP as Market’s ‘Best Risk/Reward’ Play as Token Tests Critical $1.60 Support Crypto analyst Scott Melker identifies a prime risk/reward setup for XRP as it tests key support at $1.60, offering a tight stop-loss against potential upside targets near $2.00.

Author Mitrade

Yesterday 06: 24

Crypto analyst Scott Melker identifies a prime risk/reward setup for XRP as it tests key support at $1.60, offering a tight stop-loss against potential upside targets near $2.00.

Popular Symbols