Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CNY gains some upside momentum but bias still bearish

• USD/CNY edged higher on  Wednesday   as   yuan weakned  amid escalating fighting in the Middle East.

• The U.S. military said late on Tuesday it began its latest strikes on Iran, marking the 11th consecutive night of American attacks.

• Adding to the geopolitical tensions,Trump is poised to unleash fresh tariffs on dozens of countries as soon as this week, media reported on Tuesday.

• Investors are now shifting their attention to an upcoming meeting of the Communist Party's Politburo, the country's top decision-making body, expected around the end of July.

•Policymakers are expected to set the economic policy agenda for the second half of the year, which could affect the yuan's outlook .
•  Immediate resistance is located at 6.780(38.2%fib), any close above will push the pair towards 6.783(SMA 20)

• Support is seen at 6.763(Daily low) and break below could take the pair towards 6.753 (23.6%fib).

Recommendation: Good to sell around 6.780, with stop loss of 6.830 and target price of 6.740

  • Market Data
Close

Welcome to EconoTimes

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