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: PBoC pushes to guide USD/CNH bias and direction – OCBC

Source Fxstreet

USD/CNH continues to ease away from recent high as policymakers keep a strong grip on the daily fix, setting it even lower at 7.1879 vs. 7.1934 (yesterday). Pair was last at 7.2736.

Corrective pullback not ruled out

“USD/CNH eased away from recent high as policymakers keep a strong grip on the daily fix, setting it even lower at 7.1879 vs. 7.1934 (yesterday). This is despite USD trading largely rangebound.”

“Fixing pattern continues to suggest that PBoC is doing whatever it takes to not only restraint the RMB from over-weakening but also to guide its bias and direction. Tariff may hurt RMB when it happens but that may be a story for 2025 after Trump inauguration. Meantime, we would keep a look out for the CEWC meeting on 11-12 Dec.”

“Daily momentum is flat while RSI shows signs of turning from near-overbought conditions. Corrective pullback not ruled out. Support here at 7.2460 (21 DMA). Resistance at 7.32, 7.3450 levels.”

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

Recommended Articles

Nasdaq Index Rises for 10 Straight Days, Why Has Tesla Barely Risen?On April 14, the Nasdaq notched its tenth consecutive session of gains, marking its longest winning streak since 2023. It has risen nearly 14% from its recent lows, as the 'Magnificent Se

Author TradingKey

8 hours ago

On April 14, the Nasdaq notched its tenth consecutive session of gains, marking its longest winning streak since 2023. It has risen nearly 14% from its recent lows, as the 'Magnificent Se

Gold eases from four-week top as Hormuz risks temper USD weakness Gold (XAU/USD) hits a nearly four-week high during the Asian session on Wednesday, though it lacks follow-through buying and currently trades just below the $4,850 level, nearly unchanged for the day.

Author FXStreet

11 hours ago

Gold (XAU/USD) hits a nearly four-week high during the Asian session on Wednesday, though it lacks follow-through buying and currently trades just below the $4,850 level, nearly unchanged for the day.

Silver Price Forecasts: XAG/USD approaches $78.00 boosted by Iran peace hopes Silver (XAG/USD) is rushing higher on Tuesday, reaching fresh two-week highs right below $78.00 at the time of writing, after bouncing from lows around $72.60 on Monday.

Author TradingKey

Yesterday 10: 01

Silver (XAG/USD) is rushing higher on Tuesday, reaching fresh two-week highs right below $78.00 at the time of writing, after bouncing from lows around $72.60 on Monday.

Trump Blockade of Strait of Hormuz Drives Oil Price Surge, Will This Be Another TACO? On Sunday (April 13), Trump announced following the breakdown of U.S.-Iran negotiations that the U.S. Navy would impose a maritime blockade on Iranian ports starting Monday.Following the

Author TradingKey

Apr 13, Mon

On Sunday (April 13), Trump announced following the breakdown of U.S.-Iran negotiations that the U.S. Navy would impose a maritime blockade on Iranian ports starting Monday.Following the

U.S.-Iran Standoff in the Strait of Hormuz. Iranian-Controlled Strait Has Not Resumed Passage; Why Does Trump Still Want a Military Blockade?Following the failure of U.S.-Iran peace talks, President Trump announced on Sunday that the U.S. Navy will immediately blockade the Strait of Hormuz and prevent any vessels that have pai

Author TradingKey

Apr 13, Mon

Following the failure of U.S.-Iran peace talks, President Trump announced on Sunday that the U.S. Navy will immediately blockade the Strait of Hormuz and prevent any vessels that have pai

Popular Symbols