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

Deutsche Bank Slashes Gold Price Forecast by 22%: Wall Street Bulls Retreat, Fed Rate Hike Expectations Become Biggest Drag Wall Street investment banks are collectively cooling on their bullish sentiment toward gold. Following Goldman Sachs ( GS) sharply cutting its gold price targets last week, Deutsche Bank

Author TradingKey

12 hours ago

Wall Street investment banks are collectively cooling on their bullish sentiment toward gold. Following Goldman Sachs ( GS) sharply cutting its gold price targets last week, Deutsche Bank

Japanese Yen flatlines near 161.50 as traders are on high alert for intervention The USD/JPY pair holds steady near 161.55 during the early Asian session on Tuesday. Progress in US–Iran peace talks and intervention fears from the Japanese authorities might cap the upside for the pair.

Author FXStreet

21 hours ago

The USD/JPY pair holds steady near 161.55 during the early Asian session on Tuesday. Progress in US–Iran peace talks and intervention fears from the Japanese authorities might cap the upside for the pair.

Nvidia 2026 Shareholder Meeting Preview: Can Stock Price Hit New Highs? How Blackwell, Vera Production Ramps Will Determine Future Revenue?This Wednesday (June 24), NVIDIA (NVDA) will hold its 2026 annual meeting of stockholders online. The focus of this meeting will be the production ramp-up of Blackwell and the brand-new V

Author TradingKey

Yesterday 10: 23

This Wednesday (June 24), NVIDIA (NVDA) will hold its 2026 annual meeting of stockholders online. The focus of this meeting will be the production ramp-up of Blackwell and the brand-new V

Morgan Stanley’s Latest Assessment: Three Variables for Gold’s Rise to $5,200 — Hawkish Fed, ETF Flows, and Middle East Turmoil Morgan Stanley ( MS )'s latest precious metals research report shows that while continuous gold purchases by global central banks have provided a solid floor of support, gold ( XAUUSD )'s

Author TradingKey

Yesterday 09: 04

Morgan Stanley ( MS )'s latest precious metals research report shows that while continuous gold purchases by global central banks have provided a solid floor of support, gold ( XAUUSD )'s

Qatar and Pakistan: High-level committee agrees on roadmap to final deal within 60 days The US-Iran peace talks took place on Sunday in Bürgenstock, Switzerland, with delegations from Iran, the United States, Qatar, and Pakistan participating.

Author FXStreet

Yesterday 02: 13

The US-Iran peace talks took place on Sunday in Bürgenstock, Switzerland, with delegations from Iran, the United States, Qatar, and Pakistan participating.

Popular Symbols