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

Trump’s Greenland Tariff Suspension: Crypto Prices Rebound as Investors Weigh Rally Longevity Trump declares Greenland tariffs void; crypto market quickly reverses losses to gains, with Bitcoin expected to continue its rebound higher.During the early hours of Thursday (January 22)

Author TradingKey

6 hours ago

Trump declares Greenland tariffs void; crypto market quickly reverses losses to gains, with Bitcoin expected to continue its rebound higher.During the early hours of Thursday (January 22)

BTC Eyes $90K as Trump Hints at Imminent Crypto Bill Signing President Trump's pledge to sign pro-crypto legislation boosts Bitcoin prices as he emphasizes keeping the US as a crypto leader.

Author Mitrade

7 hours ago

President Trump's pledge to sign pro-crypto legislation boosts Bitcoin prices as he emphasizes keeping the US as a crypto leader.

Gold moves away from record high as safe-haven demand fades on easing trade war concerns Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.

Author FXStreet

10 hours ago

Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.

Bitcoin’s Whale Map Shifts as BTC Drops Below $90,000 Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.

Author Mitrade

10 hours ago

Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.

Australian Dollar rises as employment data boosts RBA outlook The Australian Dollar advances against the US Dollar (USD) on Thursday, following the seasonally adjusted employment data from Australia, which strengthens expectations of tighter monetary policy from the Reserve Bank of Australia (RBA)

Author FXStreet

14 hours ago

The Australian Dollar advances against the US Dollar (USD) on Thursday, following the seasonally adjusted employment data from Australia, which strengthens expectations of tighter monetary policy from the Reserve Bank of Australia (RBA)

Popular Symbols