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: Breaking out of rising wedge – OCBC

Source Fxstreet

USD/CNH fell amid supported risk sentiments. USD/CNH fell; last seen at 7.2853 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Risks are skewed to the downside

"CSI300, HK equities printed 1% and 2%, respectively this morning. Trump said that that the phone call with President Xi on Fri was a very good one for both China and the US may have supported sentiments."

"Daily momentum is bearish bias while RSI fell. Risks are skewed to the downside. Next support at 7.2755 (23.6% fibo retracement of Sep low to Dec high). Resistance at 7.3340 (21 DMA), 7.36 levels."

"A brief respite for RMB is still likely, given that policymakers have taken efforts – both onshore (via the fix) and offshore to maintain the relative stability in RMB. That said, we still expect RMB to depreciate when tariffs ultimately hit."

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

Recommended Articles

Gold Price Forecast: Can Gold Hold $4,020 as Fed Rate Hike Expectations Rise? As of the Asian session on July 30, gold prices ( XAUUSD) surged and then retraced following the Federal Reserve meeting, once falling to $4,028.62 during the session. From a market persp

Author TradingKey

13 hours ago

As of the Asian session on July 30, gold prices ( XAUUSD) surged and then retraced following the Federal Reserve meeting, once falling to $4,028.62 during the session. From a market persp

WTI falls below $83.00 despite hostilities in the Middle East West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.80 during the early Asian trading hours on Thursday. WTI falls amid some profit-taking despite escalating conflicts in the Middle East.

Author FXStreet

20 hours ago

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.80 during the early Asian trading hours on Thursday. WTI falls amid some profit-taking despite escalating conflicts in the Middle East.

SEC Chair Backs CLARITY Act as Crypto Rally Stalls and Bitcoin Stays Below $65,000 With the FOMC rate decision looming, the US SEC Chairman's support for the CLARITY Act has a very limited impact on the crypto market.On July 29, US SEC Chairman Paul Atkins voiced suppor

Author TradingKey

Yesterday 10: 22

With the FOMC rate decision looming, the US SEC Chairman's support for the CLARITY Act has a very limited impact on the crypto market.On July 29, US SEC Chairman Paul Atkins voiced suppor

WTI rebounds from two-week low, well bid around mid-$81.00s amid Iran risks West Texas Intermediate (WTI) – the benchmark US Crude Oil price – gains strong positive traction during the Asian session on Wednesday, snapping a three-day losing streak to an over two-week low touched the previous day.

Author FXStreet

Yesterday 01: 18

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – gains strong positive traction during the Asian session on Wednesday, snapping a three-day losing streak to an over two-week low touched the previous day.

Fed Decision Eve: 104 Economists Expect No Change; Why Is Citadel Securities Betting on a Surprise Hike?The Federal Reserve will announce its July interest rate decision on July 29, Eastern Time. The current target range for the federal funds rate remains at 3.5%-3.75%, but the suspense sur

Author TradingKey

Jul 28, Tue

The Federal Reserve will announce its July interest rate decision on July 29, Eastern Time. The current target range for the federal funds rate remains at 3.5%-3.75%, but the suspense sur

Popular Symbols