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

Forex Today: Mideast uncertainty keeps USD supported ahead of next batch of US data Here is what you need to know on Tuesday, August 4:

Author FXStreet

8 hours ago

Here is what you need to know on Tuesday, August 4:

WTI trades with positive bias below mid-$79.00s on Iran uncertainty, supply concerns West Texas Intermediate (WTI) – the benchmark US Crude Oil price – edges higher during the Asian session on Tuesday and looks to build on the overnight bounce following an intraday slump to levels below mid-$77.00s.

Author FXStreet

16 hours ago

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – edges higher during the Asian session on Tuesday and looks to build on the overnight bounce following an intraday slump to levels below mid-$77.00s.

Bitcoin Falls Below $63,000; Can US-Iran Negotiations Reverse the Downtrend?Bitcoin fell sharply last week, testing the short-term defense line at $62,000, with the outcome of US-Iran negotiations becoming a key factor.On August 3, Bitcoin ( BTC) extended its rec

Author TradingKey

Yesterday 08: 59

Bitcoin fell sharply last week, testing the short-term defense line at $62,000, with the outcome of US-Iran negotiations becoming a key factor.On August 3, Bitcoin ( BTC) extended its rec

Oil Prices Sink as Much as 7% as Trump Pauses Iran Strikes and Restarts Talks International oil prices plunged during Asian trading hours on Monday. US President Donald Trump announced a suspension of a new round of military action against Iran and plans to restart

Author TradingKey

Yesterday 06: 21

International oil prices plunged during Asian trading hours on Monday. US President Donald Trump announced a suspension of a new round of military action against Iran and plans to restart

US President Donald Trump says Iran talks to begin Monday after canceling attack US President Donald Trump said that fresh round of Iran talks would begin Monday after he cancelled a planned attack on Iran partially in response to pleas from US allies in the Middle East, including Saudi Arabia, Bloomberg reported on Monday.

Author FXStreet

Yesterday 01: 32

US President Donald Trump said that fresh round of Iran talks would begin Monday after he cancelled a planned attack on Iran partially in response to pleas from US allies in the Middle East, including Saudi Arabia, Bloomberg reported on Monday.

Popular Symbols