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.

Gold slumps to near $4,350 amid oil-driven inflation fears, US inflation data in focus Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

Author FXStreet

Sep 09, Wed

Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

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.

Over 140,000 Traders Liquidated as Bitcoin Nears $78,000 in Four-Day Drop, Altcoins Broadly Slump Over 140,000 traders liquidated in crypto market as BTC drops for fourth straight day to test $78,000 level; altcoins crash.On September 10, the cryptocurrency market experienced a new ro

Author TradingKey

23 hours ago

Over 140,000 traders liquidated in crypto market as BTC drops for fourth straight day to test $78,000 level; altcoins crash.On September 10, the cryptocurrency market experienced a new ro

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.

17 hours ago

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.

Popular Symbols