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

Economic Indicator

USD/CNH: Attempt to slow pace of depreciation – OCBC

Source Fxstreet

For the second day in a row, CNY fix came in much stronger than expected. USD/CNH was last at 7.2596, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Bullish momentum on daily chart

“Policymakers attempt to convey a message that recent spot USD/CNH move is close to testing policymakers' threshold of tolerance for CNH weakness.

“On one hand, the strong fix may serve as a deterrence against further weakening in RMB but on the other, trump trade momentum may mean that USD/CNH remains better bid on dips. Given a strong USD trend, policymakers can only slow pace of RMB depreciation at best.”

“For USD/CNH to reverse trend, the USD needs to ease. Bullish momentum on daily chart intact while RSI is near overbought conditions. Resistance at 7.2750 levels. Support at 7.22, 7.20 (200 DMA).”

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

Recommended Articles

Gold Price Forecast: Gold Rises as Nonfarm Payrolls Unexpectedly Turn Negative; Can CPI and PPI Help Break $4,500? As of the Asian session on August 10, gold prices ( XAUUS D) extended last week's trend into this week after a sharp rise last week, with the latest gold price trading near $4,345, up sli

Author TradingKey

15 hours ago

As of the Asian session on August 10, gold prices ( XAUUS D) extended last week's trend into this week after a sharp rise last week, with the latest gold price trading near $4,345, up sli

Hormuz tensions escalate as unconfirmed missile attack amid fragile US-Iran talks The ongoing US-Iran conflict has entered a crucial diplomatic phase, with intense fighting and strategic pressure around the vital Strait of Hormuz continuing to drive the dynamic of the war.

Author FXStreet

22 hours ago

The ongoing US-Iran conflict has entered a crucial diplomatic phase, with intense fighting and strategic pressure around the vital Strait of Hormuz continuing to drive the dynamic of the war.

Gold Price Forecast: Can Gold Still Rise Above $4,300 Ahead of July Non-Farm Payrolls?As of the European session on August 7, gold prices ( XAUUSD) extended their recent strong performance, rising over 1% intraday to briefly cross the $4,300 mark. With a cumulative gain of

Author TradingKey

Aug 07, Fri

As of the European session on August 7, gold prices ( XAUUSD) extended their recent strong performance, rising over 1% intraday to briefly cross the $4,300 mark. With a cumulative gain of

NFP or Iran: Which factor will break the US Dollar Index out of its consolidation?The US Dollar Index (DXY) trades around 99.95 at the time of writing on Friday, virtually unchanged on the day, as investors refrain from placing aggressive bets ahead of the release of the July US employment report.

Author FXStreet

Aug 07, Fri

The US Dollar Index (DXY) trades around 99.95 at the time of writing on Friday, virtually unchanged on the day, as investors refrain from placing aggressive bets ahead of the release of the July US employment report.

WTI holds firm near $77.50 as escalating Middle East tensions threaten oil supply routes West Texas Intermediate (WTI) oil price remains steady after registering modest gains in the previous day, trading around $77.50 per barrel during the Asian hours on Friday.

Author FXStreet

Aug 07, Fri

West Texas Intermediate (WTI) oil price remains steady after registering modest gains in the previous day, trading around $77.50 per barrel during the Asian hours on Friday.

Popular Symbols