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: 2-way risks – OCBC

Source Fxstreet

The NDRC press conference appears to run short on details with regards to stimulus measures. USD/CNH was last at 7.0582, OCBC’s FX strategist Christopher Wong notes.

Bullish momentum on daily chart intact

“Hopes were raised but the delivery was disappointing. Post-opening rally in Chinese equities has partially fizzled out as the lack of followthrough is a setback to sentiments, and CNH-sensitive FX, including AUD, KRW, MYR.”

“Near term, USD/CNH should continue to face 2-way risks as markets digest 1/ the disappointment over the lack of details on China stimulus; 2/ monitor daily fix for a sense of how comfortable policymakers may be with RMB’s recent price action; 3/ potential return of US exceptionalism and ahead of US elections (potentially supportive of USD).”

“Bullish momentum on daily chart intact which RSI rose. Support at 7.0320 levels. Resistance at 7.11 (50 DMA).”

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

Recommended Articles

Yen Nears 160 Mark Again, Is Japan Intervention Imminent? As the US dollar continues to strengthen, the yen is once again approaching a key psychological level. During the Friday Asian trading session, USD/JPY (USDJPY) rose to near the 160 level

Author TradingKey

10 hours ago

As the US dollar continues to strengthen, the yen is once again approaching a key psychological level. During the Friday Asian trading session, USD/JPY (USDJPY) rose to near the 160 level

WTI climbs above $95.50 as Iran says the Strait of Hormuz must remain closed West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.

Author FXStreet

19 hours ago

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.

Goldman Sachs Raises Oil Price Forecasts and Warns Oil May Break All-Time Highs if Strait of Hormuz Disruption Persists TradingKey - As tensions in the Middle East continue to escalate, concerns over supply disruptions in the energy market are heating up rapidly. Goldman Sachs' latest report raised its crude oil price

Author TradingKey

Yesterday 10: 00

TradingKey - As tensions in the Middle East continue to escalate, concerns over supply disruptions in the energy market are heating up rapidly. Goldman Sachs' latest report raised its crude oil price

SEC, CFTC move past turf battle as Bitcoin approaches $70K The SEC and the CFTC entered into a memorandum of understanding to work together on a regulatory framework.

Author Cryptopolitan

Yesterday 09: 59

The SEC and the CFTC entered into a memorandum of understanding to work together on a regulatory framework.

Gold weakens as inflation concerns lift US bond yields and USD; downside remains cushioned Gold (XAU/USD) trades with a negative bias for the second consecutive day on Thursday, though it lacks follow-through selling and stalls the intraday slide near the $5,125 area.

Author FXStreet

Yesterday 06: 01

Gold (XAU/USD) trades with a negative bias for the second consecutive day on Thursday, though it lacks follow-through selling and stalls the intraday slide near the $5,125 area.

Popular Symbols