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 Price Analysis: Refreshes daily top near 7.1885-90, seems poised to climb further

Source Fxstreet

USD/CNH reverses an Asian session dip and stalls the previous day’s pullback from a multi-day top.
The technical setup favours bullish traders and supports prospects for a further appreciating move.
Acceptance below the 7.1870-7.1865 confluence is needed to negate the near-term positive bias.

The USD/CNH pair attracts some dip-buying near the 7.1810-7.1805 area during the Asian session on Tuesday and climbs to a fresh daily peak in the last hour. Spot prices currently trade with a mild positive bias, around the 7.1885-7.1890 region, though remain below a multi-day top touched on Monday.

From a technical perspective, the USD/CNH pair showed resilience below the 7.1870-7.1865 confluence and for now, seems to have stalled the overnight pullback from the 61.8% Fibonacci retracement level of the downfall from a two-month top touched on January 17. The said area comprises the 50% Fibo. level, the 50- and the 100-period Simple Moving Averages (SMAs) on the 4-hour chart, which should now act as a key pivotal point.

Some follow-through selling, leading to a subsequent slide below the 7.1810-7.1805 zone, or the Asian session low, will be seen as a key trigger for intraday bears and drag the USD/CNH pair to the 38.2% Fibo. level, around the 7.1765 region. A convincing break below the latter might expose the next relevant support near the 7.1640-7.1635 area or the 23.6% Fibo. level.

Meanwhile, oscillators on the daily chart have just started gaining positive traction and support prospects for additional gains. That said, any subsequent move-up is likely to confront resistance near the 7.1930 area. This is followed by the 61.8% Fibo. level, around the 7.1970-7.1975 region, which if cleared decisively should pave the way for a move beyond the 7.2000 mark, towards the next relevant hurdle near the 7.2020-7.2030 zone.

USD/CNH 4-hour chart

fxsoriginal

Technical levels to watch

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

WTI (USOIL) Is down 2.13% on Sep 22: What Is Driving the Move?WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

Author TradingKey

Sep 22, Tue

WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Yesterday 06: 22

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

Yesterday 06: 51

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

21 hours ago

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Popular Symbols