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

Forex Today: Mideast uncertainty keeps USD supported ahead of next batch of US data Here is what you need to know on Tuesday, August 4:

Author FXStreet

10 hours ago

Here is what you need to know on Tuesday, August 4:

WTI trades with positive bias below mid-$79.00s on Iran uncertainty, supply concerns West Texas Intermediate (WTI) – the benchmark US Crude Oil price – edges higher during the Asian session on Tuesday and looks to build on the overnight bounce following an intraday slump to levels below mid-$77.00s.

Author FXStreet

18 hours ago

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – edges higher during the Asian session on Tuesday and looks to build on the overnight bounce following an intraday slump to levels below mid-$77.00s.

Bitcoin Falls Below $63,000; Can US-Iran Negotiations Reverse the Downtrend?Bitcoin fell sharply last week, testing the short-term defense line at $62,000, with the outcome of US-Iran negotiations becoming a key factor.On August 3, Bitcoin ( BTC) extended its rec

Author TradingKey

Yesterday 08: 59

Bitcoin fell sharply last week, testing the short-term defense line at $62,000, with the outcome of US-Iran negotiations becoming a key factor.On August 3, Bitcoin ( BTC) extended its rec

Oil Prices Sink as Much as 7% as Trump Pauses Iran Strikes and Restarts Talks International oil prices plunged during Asian trading hours on Monday. US President Donald Trump announced a suspension of a new round of military action against Iran and plans to restart

Author TradingKey

Yesterday 06: 21

International oil prices plunged during Asian trading hours on Monday. US President Donald Trump announced a suspension of a new round of military action against Iran and plans to restart

US President Donald Trump says Iran talks to begin Monday after canceling attack US President Donald Trump said that fresh round of Iran talks would begin Monday after he cancelled a planned attack on Iran partially in response to pleas from US allies in the Middle East, including Saudi Arabia, Bloomberg reported on Monday.

Author FXStreet

Yesterday 01: 32

US President Donald Trump said that fresh round of Iran talks would begin Monday after he cancelled a planned attack on Iran partially in response to pleas from US allies in the Middle East, including Saudi Arabia, Bloomberg reported on Monday.

Popular Symbols