Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CNY neutral in the near-term, scope for downward resumption

• USD/CNY traded on tight range on Monday  as persistent U.S.-China trade tensions kept markets on edge.

• Trump's late Friday move to double steel and aluminum tariffs to 50% escalated the trade war, following accusations that China broke a deal on rolling back critical minerals tariffs.

• China's Commerce Ministry on Monday dismissed the U.S. tariff accusations as "groundless" and vowed to take strong, unspecified countermeasures to protect its national interests.

• Investors are closely watching for signals on whether Trump will follow through with the 50% tariff hike on Wednesday or reverse course, as he has often done in the past.

• At GMT 10:16, the dollar was down 0.02% to 7.197 against the Chinese Yuan.

•  Immediate resistance is located at 7.212(50%fib), any close above will push the pair towards 7.242(61.8%fib)

• Support is seen at 7.2182(38.2%fib) and break below could take the pair towards 7.170 (Lower BB).

Recommendation: Good to sell around 7.200, with stop loss of 7.230 and target price of 7.170

  • Market Data
Close

Welcome to EconoTimes

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