Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CNY recovers slightly but downside risks remain

• USD/CNY moved slightly higher on Tuesday, but gains remained limited as markets shifted attention to the upcoming U.S. Federal Reserve policy decision.

• Traders are laser-focused on the Fed’s upcoming policy call, with consensus pointing to a rate hold when the decision lands Wednesday.

• Investors will be paying close attention to any clues regarding the Federal Reserve’s future policy direction.

• Investors also kept an eye on trade negotiations, with President Trump's early July tariff deadline drawing near.

•At GMT 11:16, the  dollar was trading up 0.19% at 0.6534 against Yuan   .

•  Immediate resistance is located at 7.200(38.2%fib), any close above will push the pair towards 7.208(Higher BB)

• Support is seen at 7.172(23.6%fib) and break below could take the pair towards 7.162 (Lower BB).

Recommendation: Good to sell around 7.190, with stop loss of 7.240 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.