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: Likely to trade sideways short term – UOB Group

Source Fxstreet

The US Dollar (USD) is likely to trade in a sideways range of 7.0650/7.0920. In the longer run, current price movements are likely part of a range trading phase; USD is likely to trade between 7.0300 and 7.1200, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

USD/CNH can break below 7.0650 mid term

24-HOUR VIEW: “We highlighted yesterday that USD ‘could rise to 7.1060 before the risk of a pullback increases.’ Our view did not materialise as it traded sideways between 7.0685 and 7.0955. Further sideways trading seems likely today, probably in a range of 7.0650/7.0920.”

1-3 WEEKS VIEW: “Our update from Wednesday (09 Oct, spot at 7.0750) remains valid. As highlighted, the current price movements are likely part of a range trading phase. For the time being, USD is expected to trade between 7.0300 and 7.1200.”

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

Recommended Articles

Crude Oil Price Forecast: Can Brent Hold $100 Amid Hawkish Fed Rate Hikes and Easing Supply Concerns? International oil prices continued to fall after the Federal Reserve resumed rate hikes in September. On Wednesday, WTI crude dropped 3.28% to settle at $102.02 per barrel; Brent crude fe

Author TradingKey

11 hours ago

International oil prices continued to fall after the Federal Reserve resumed rate hikes in September. On Wednesday, WTI crude dropped 3.28% to settle at $102.02 per barrel; Brent crude fe

Dow drops 631 points as the Fed hikes — but futures are rebounding: what's next for US stocks?The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Author Irene Q.

18 hours ago

The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

18 hours ago

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

TradingKey Daily Market Briefing: Fed Raises Rates by 25 Bps, May Hike Again This Year; Gold Tumbles as Intel Rises 4%On September 16, Eastern Time, US stocks rose before pulling back following the Federal Reserve's rate decision announcement for September. The Fed unanimously decid

Author TradingKey

19 hours ago

On September 16, Eastern Time, US stocks rose before pulling back following the Federal Reserve's rate decision announcement for September. The Fed unanimously decid

September Fed Rate Decision Preview: Is a Rate Hike a Foregone Conclusion? US Stocks, Dollar, and Gold Face a Critical Test The Federal Reserve will announce its September interest rate decision at 2:00 p.m. ET on Wednesday (September 16), followed by a press conference held by Fed Chair Kevin Warsh at 2:30 p.

Author TradingKey

Yesterday 10: 14

The Federal Reserve will announce its September interest rate decision at 2:00 p.m. ET on Wednesday (September 16), followed by a press conference held by Fed Chair Kevin Warsh at 2:30 p.

Popular Symbols