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

Gold declines as Trump scraps Iran memorandum, markets await Fed minutes Gold (XAU/USD) trades around $4,050 on Wednesday, down 1.40% on the day at the time of writing, as investors favor the US Dollar (USD) following a fresh deterioration in tensions between the United States (US) and Iran.

Author FXStreet

8 hours ago

Gold (XAU/USD) trades around $4,050 on Wednesday, down 1.40% on the day at the time of writing, as investors favor the US Dollar (USD) following a fresh deterioration in tensions between the United States (US) and Iran.

WTI Crude Oil Price Forecast: US-Iran Situation Worsens, Oil Prices Expected to Rise to $80 As of the Asian session on July 8, WTI ( USOIL) crude oil prices rose to around $72, rebounding significantly from previous trading sessions. From a technical perspective, oil prices had

Author TradingKey

8 hours ago

As of the Asian session on July 8, WTI ( USOIL) crude oil prices rose to around $72, rebounding significantly from previous trading sessions. From a technical perspective, oil prices had

Trump Says US-Iran Temporary Ceasefire Agreement Has Ended, WTI Crude Oil Rises Over 6%US President Trump stated at the NATO annual summit on July 8 that he believes the US-Iran memorandum of understanding is "over." This means the temporary ceasefire state between the two

Author TradingKey

8 hours ago

US President Trump stated at the NATO annual summit on July 8 that he believes the US-Iran memorandum of understanding is "over." This means the temporary ceasefire state between the two

US President Trump: I think MoU with Iran is over United States (US) President Donald Trump said during European trading hours on Wednesday that the memorandum of understanding (MoU) with Iran, aimed at ending the war in the Middle East, is over.

Author FXStreet

10 hours ago

United States (US) President Donald Trump said during European trading hours on Wednesday that the memorandum of understanding (MoU) with Iran, aimed at ending the war in the Middle East, is over.

WTI spikes following fresh US airstrikes on Iran West Texas Intermediate (WTI) oil price continues to advance after registering nearly 5% gains in the previous day, trading around $72.20 per barrel during the Asian hours on Wednesday.

Author FXStreet

17 hours ago

West Texas Intermediate (WTI) oil price continues to advance after registering nearly 5% gains in the previous day, trading around $72.20 per barrel during the Asian hours on Wednesday.

Popular Symbols