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

Crude Oil Price Forecast: US-Iran Conflict Escalates Again, Will Brent Continue to Rise After Breaking $90? The US and Iran exchanged direct fire again after more than a month, rapidly escalating shipping risks in the Strait of Hormuz and pushing international oil prices back above $90 a barrel

Author TradingKey

7 hours ago

The US and Iran exchanged direct fire again after more than a month, rapidly escalating shipping risks in the Strait of Hormuz and pushing international oil prices back above $90 a barrel

Gold Price Forecast: Can Gold Keep Rising as Fed Rate Hike Expectations Heat Up and US-Iran Conflict Escalates? As of the Asian session on August 31, gold prices today (XAUUSD) extended last Friday's decline, briefly falling below $4,400 during intraday trading to hit a low of $4,396.36. Last Frida

Author TradingKey

7 hours ago

As of the Asian session on August 31, gold prices today (XAUUSD) extended last Friday's decline, briefly falling below $4,400 during intraday trading to hit a low of $4,396.36. Last Frida

Today’s Market Recap: Escalating US-Iran Conflict Pushes Oil Past $90, Warsh's Hawkish Remarks Boost Fed Rate-Hike Expectations, August Nonfarm Payrolls in Focus This Week Tracking Market TrendsTradingKey - On August 28, Eastern Time, the three major U.S. stock indexes closed lower across the board. Remarks by Federal Reserve Chairman Warsh at the Jackson Hole symposium

Author TradingKey

14 hours ago

Tracking Market TrendsTradingKey - On August 28, Eastern Time, the three major U.S. stock indexes closed lower across the board. Remarks by Federal Reserve Chairman Warsh at the Jackson Hole symposium

Bitcoin Price Prediction: Fed Chair Warsh Makes Jackson Hole Debut, Can BTC Break $83,000?Fed Chair Warsh Makes Jackson Hole Debut: Can Bitcoin Capitalize on Momentum to Break Strong $83,000 Resistance?On August 28, Bitcoin (BTC) price continued to fluctuate in a narrow range

Author TradingKey

Aug 28, Fri

Fed Chair Warsh Makes Jackson Hole Debut: Can Bitcoin Capitalize on Momentum to Break Strong $83,000 Resistance?On August 28, Bitcoin (BTC) price continued to fluctuate in a narrow range

Silver Reclaims $70 to Hit Nearly Two-Month High as Monthly Gain Exceeds 20% On August 28 Eastern Time, international silver prices continued their recent strong rally, with spot silver (XAGUSD) briefly breaking through the key $70 mark intraday, after approaching

Author TradingKey

Aug 28, Fri

On August 28 Eastern Time, international silver prices continued their recent strong rally, with spot silver (XAGUSD) briefly breaking through the key $70 mark intraday, after approaching

Popular Symbols