USD/CNH resisted following sharp upside spike on negative trade war sentiment


  • USD/CNH bounced off 7.12 in the London morning to 7.1645.
  • Global Times reported that the Chinese delegation would be cutting their trip short by a day.

The markets are somewhat quiet considering the leg work was done in the European and US session following numerous trade headlines and key data, Us events which were soaked up by the time Asia come online. 

Trade talks sentiment turn sour

The main takeaway, as far as the Yuan goes, came in the negative press over this week's trade talks between the US and China that are scheduled for the end of the week. Moreover, The Global Times reported that the Chinese delegation would be cutting their trip short by a day, which just goes to show the lack of a sense of urgency nor commitments between the two nations have residing over their trade disputes. 

"The US State Department announced, ”Visa restrictions on Chinese government and Communist Party officials who are believed to be responsible for, or complicit in, the detention or abuse of Uighurs, Kazakhs, or other members of Muslim minority groups in Xinjiang, China.” USD/CNH bounced off 7.12 in the London morning to 7.1645 after the visa news, the yuan’s -0.4% fall the weakest in Asia," analysts at Westpac explained. 

USD/CNH levels:

USD/CNH

Overview
Today last price 7.1561
Today Daily Change -0.0084
Today Daily Change % -0.12
Today daily open 7.1645
 
Trends
Daily SMA20 7.1129
Daily SMA50 7.1
Daily SMA100 6.9994
Daily SMA200 6.88
 
Levels
Previous Daily High 7.1674
Previous Daily Low 7.1186
Previous Weekly High 7.1588
Previous Weekly Low 7.1073
Previous Monthly High 7.1967
Previous Monthly Low 7.0311
Daily Fibonacci 38.2% 7.1488
Daily Fibonacci 61.8% 7.1372
Daily Pivot Point S1 7.1329
Daily Pivot Point S2 7.1014
Daily Pivot Point S3 7.0841
Daily Pivot Point R1 7.1817
Daily Pivot Point R2 7.199
Daily Pivot Point R3 7.2305

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds above 1.17, shrugging off upbeat US consumer confidence

EUR/USD is trading above 1.17, holding its gains despite upbeat US data. The CB Consumer Confidence jumped to 101.8 points, beating estimates. Fed speakers are awaited and the presidential debate is eyed.

EUR/USD News

GBP/USD retreats from highs amid Brexit, coronavirus uncertainty

GBP/USD is retreating from the highs close to 1.29 as concerns about Brexit talks and rising UK coronavirus cases are taking their toll on the pound. 

GBP/USD News

XAU/USD holds steady near multi-day tops, around $1890 region

Gold built on the previous day's goodish bounce from 100-day SMA and edged higher through the first half of the trading action on Tuesday. The overnight sustained move beyond 100-hour SMA was seen as a key trigger for bullish traders and pushed the commodity to multi-day tops.

Gold News

Presidential Debate Preview: Trump may lose due to his own buildup, market implications

The first presidential debate is set to shake up the elections campaign.  President Trump's playing down of challenger Biden's skills may turn into a double-edged sword. Markets will move on implications for a new fiscal relief package. 

Read more

WTI drops to fresh lows near $39.70 ahead of API

Prices of the American benchmark for the sweet light crude oil broke below the $40.00 mark per barrel and slipped back to the $39.70 region on Tuesday.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures