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 between 7.2570 and 7.2820 – UOB Group

Source Fxstreet

US Dollar (USD) is likely to trade sideways vs Chinese Yuan (CNH) between 7.2570 and 7.2820. In the longer run, momentum has improved further; USD could continue to rise to 7.2980, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD can continue to rise to 7.2980

24-HOUR VIEW: "After USD rose to 7.2822 two days ago, we highlighted yesterday that 'although there has been no clear increase in upward momentum, there is scope for USD to test 7.2855.' We pointed out, 'support levels are at 7.2720 and 7.2650.' Our expectations did not materialise, as USD traded in a 7.2658/7.2791 range, closing at 7.2671 (-0.16%). The price action appears to be part of a sideways trading range, mostly likely between 7.2570 and 7.2820."

1-3 WEEKS VIEW: "Momentum has improved further; USD could continue to rise to 7.2980. On Wednesday (26 Mar, spot at 7.2655), highlighted that 'there appears to be enough momentum for USD to rise to 7.2820.' After USD rose to 7.2822, we highlighted yesterday (27 Mar, spot at 7.2765) that 'momentum has improved further, and we continue to expect USD to rise, and the next level to monitor is 7.2980.' We will maintain our view as long as the ‘strong support’ at 7.2500 (no change in level from yesterday) is intact."

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

Recommended Articles

Japanese Yen rallies to February 18 high as upbeat wage data and GDP lift BoJ hike bets The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.

Author FXStreet

Sep 08, Tue

The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.

US dollar clings to nine-week lows near 98.4 as Brent nears $100 and the yen hits a seven-month high — five events to watch today The dollar is pinned near nine-week lows even after a blockbuster jobs report, as an oil spike toward $100, a surging yen and China's reflation data crowd the driver's seat. Five key events to watch today: Brent at $99.46, USD/JPY at 154, China CPI/PPI, PBOC gold buying, and Thursday's PPI / Friday's CPI ahead of the September 15-16 FOMC.

Author Eric Nkando

Sep 09, Wed

The dollar is pinned near nine-week lows even after a blockbuster jobs report, as an oil spike toward $100, a surging yen and China's reflation data crowd the driver's seat. Five key events to watch today: Brent at $99.46, USD/JPY at 154, China CPI/PPI, PBOC gold buying, and Thursday's PPI / Friday's CPI ahead of the September 15-16 FOMC.

Brent holds above $100 as tanker attacks tighten supply — but four forces are capping the rally Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.

Author Irene Q.

Sep 10, Thu

Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.

US August CPI lands tonight: after a 5.4% PPI shock, will the Fed hike on September 16?US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.

Author Irene Q.

Sep 11, Fri

US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.

Gold Price Forecast: PPI and Oil Prices Fuel Inflation Concerns, Can CPI Change Gold's Direction?As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around

Author TradingKey

Sep 11, Fri

As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around

Popular Symbols