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 holds below the 7.1000 mark in the last trading day of 2023

Source Fxstreet

USD/CNH attracts some sellers around 7.0990 amid the quiet session on Friday.
The bearish outlook remains intact as the pair holds below the key EMA on the daily chart.
The initial support level will emerge at 7.0668; the first resistance level is located at 7.1206.

The USD/CNH pair extends its downside during the early European session on Friday. The softer US Dollar (USD) and lower US Treasury bond yields exert some selling pressure on the pair. USD/CNH currently trades near 7.0990, losing 0.28% on the day.

From the technical perspective, USD/CNH holds below the 50- and 100-hour Exponential Moving Averages (EMAs) on the daily chart, suggesting that further downside looks favorable. Additionally, the downward momentum is supported by the 14-day Relative Strength Index (RSI), which stands in bearish territory below 50.

The initial support level for USD/CNH will emerge near a low of June 2 at 7.0668. Further south, the next contention is located near a low of May 26 at 7.0557. A break below 7.0412 (Low of May 23) will see a drop to 7.0152 (Low of May 22).

On the upside, the first upside barrier to watch is a low of December 20 at 7.1206. The additional upside filter is seen at a high of December 28 at 7.1534. Any follow-through buying above the latter will see a rally to 7.1636 (High of December 22), en route to 7.1767 (High of December 6).

USD/CNH daily chart

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.

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 Preview: Will Inflation Reaccelerate? US Stocks, Dollar and Gold Face Key Test On Friday, September 11 (ET), the U.S. Bureau of Labor Statistics will release the Consumer Price Index (CPI) for August, the final major inflation report before the Federal Reserve's Sep

Author TradingKey

Sep 10, Thu

On Friday, September 11 (ET), the U.S. Bureau of Labor Statistics will release the Consumer Price Index (CPI) for August, the final major inflation report before the Federal Reserve's Sep

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