Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

Google Add as a preferred source on Google

FxWirePro: USD/CNY edges lower , remains on bullish path

• USD/CNY edged lower on Monday as attention shifted back to economic fundamentals following Chinese President Xi Jinping’s visit to Washington.

• The United States and China have agreed to cut tariffs on $30 billion worth of goods in each direction and launch a dialogue on artificial intelligence following Chinese President Xi Jinping’s three-day visit to the U.S.

•On the data front, China's industrial profit growth slowed further in August as strength in technology ​manufacturing amid the AI boom was outweighed by persistently weak domestic ‌demand.

• Prior to market open, the central bank set the yuan's midpoint at 6.7399 per dollar, the strongest since February 3, 2023.

• China's yuan has gained 4.2% against the dollar so far this year to become one of the best-performing Asian currencies.

•  Immediate resistance is located at 6.716(Daily high), any close above will push the pair towards 6.725(38.2%fib)

• Support is seen at 6.709(SMA 20) and break below could take the pair towards 6.694 (23.6%fib).

Recommendation: Good to sell around 6.715, with stop loss of 6.740 and target price of 6.680

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.