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: Policymakers attempt to slow pace of depreciation – OCBC

Source Fxstreet

USD/CNH traded higher but eased post CNY fix. Pair was last at 7.2236, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Bullish momentum on daily chart intact

“CNY fix came in much stronger than expected this morning – ‘conveys’ a message that recent spot USD/CNH move may be coming close to testing policymakers' threshold of tolerance for CNH weakness. On one hand, it 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 7.25, 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

EURUSD Long-term Forecast: Can ECB Hawks Overcome the Dollar Bullishness? As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.

Author Mitrade

Mar 13, 2023

As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.

Natural Gas sinks to pivotal level as China’s demand slumps Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It

Author FXStreet

Jul 01, Mon

Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It

Gold price sticks to gains above $2,600 amid some repositioning ahead of US CPI Gold price (XAU/USD) attracts some buyers during the Asian session on Wednesday and for now, seems to have snapped a three-day losing streak to its lowest level since September 20, around the $2,590-$2,589 region touched the previous day.

Author FXStreet

Yesterday 07: 03

Gold price (XAU/USD) attracts some buyers during the Asian session on Wednesday and for now, seems to have snapped a three-day losing streak to its lowest level since September 20, around the $2,590-$2,589 region touched the previous day.

Gold bounces off major trendline, US inflation data incoming Gold (XAU/USD) trades just above $2,600 on Wednesday after the precious metal’s November sell-off to seven-week lows found technical support at a major trendline.

Author FXStreet

19 hours ago

Gold (XAU/USD) trades just above $2,600 on Wednesday after the precious metal’s November sell-off to seven-week lows found technical support at a major trendline.

Alibaba Earnings Preview: Slowing E-commerce Growth and Potential Profit Decline Insights — On November 15, Alibaba (BABA) will report its fiscal Q2 2025 earnings for the period ending September 30, 2024.

Author Mitrade

5 hours ago

Insights — On November 15, Alibaba (BABA) will report its fiscal Q2 2025 earnings for the period ending September 30, 2024.

Popular Symbols