Select Language

USD/CNH: Rebound meets resistance - OCBC

Breaking news

USD/CNH: Rebound meets resistance - OCBC

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
update 2025.09.03 18:32
USD/CNH: Rebound meets resistance - OCBC

update 2025.09.03 18:32

USD/CNH was a touch firmer for a 3rd consecutive session this week, tracking USD/CNY fix which was set higher again - today at 7.1108 vs 7.1089 on Tuesday and 7.1072 on Monday vs. 7.1030 last Friday. Pair was last at 7.1451, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Risk of a short term rebound in USD/CNH

"This string of higher USD/CNY fixing snapped the 5-day streak of lower fixes prior. Bearish momentum on daily chart intact but shows tentative signs of moderation while RSI rose from oversold conditions. Inverted hammer observed on Friday's price pattern may point to bullish reversal in the short term."

"We continue to flag the risk of a short term rebound in USD/CNH, given a relatively large decline (on a multi-week horizon). Resistance here at 7.1460 (61.8% fibo retracement of 2024 low to 2025 high), 7.1720/40 levels (21, 50 DMAs) and 7.20 levels (100 DMA, 50% fibo). Support at 7.1160 (recent low), 7.11 levels."


Date

Created

 : 2025.09.03

Update

Last updated

 : 2025.09.03

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

EUR/GBP rises to late-July highs amid UK fiscal strains and political uncertainty

The Euro (EUR) strengthens against the British Pound (GBP) on Thursday, with EUR/GBP trading around 0.8740 after briefly touching its highest level since July 28 earlier in the day.
New
update2025.09.25 23:53

Canada FX Today: The Canadian Dollar awaits a GDP lifeline as economic headwinds mount

The Canadian Dollar (CAD) remains under slight pressure on Thursday against the US Dollar (USD) as markets anticipate the release of July's monthly Canadian Gross Domestic Product (GDP) on Friday at 12:30 GMT.
New
update2025.09.25 23:35

GBP/USD falls to three-week low as strong US data boosts Dollar

The British Pound (GBP) loses ground against the US Dollar (USD) on Thursday, with GBP/USD slipping below the 1.3400 psychological mark as a wave of stronger-than-expected US economic data revives demand for the Greenback.
New
update2025.09.25 22:55

US real GDP expands 3.8% in Q2 vs. 3.3% expected

The United States' (US) Gross Domestic Product (GDP) expanded at an annual rate of 3.8% in the second quarter, the US Bureau of Economic Analysis' (BEA) final estimate showed on Thursday. This reading came in above the previous estimate and the market expectation of 3.3%.
New
update2025.09.25 22:25

EUR/USD slumps as US Dollar surges on strong US data, tests 1.1700

The Euro (EUR) extends its decline for the second day against the US Dollar (USD) on Thursday, weighed down by a string of upbeat US economic data that boosted the Greenback across the board.
New
update2025.09.25 22:07

Fed's Schmid: Recent data points to rising risks to job market

Federal Reserve (Fed) Bank of Kansas City President Jeffrey Schmid said on Thursday that the Fed is currently close to meeting its mandates but added that policy must be forward-looking, per Reuters.
New
update2025.09.25 22:05

Fed's Goolsbee: Job market seems to be cooling, inflation is going up

Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee repeated on Thursday that he fells "somewhat uneasy" with frontloading too many rate cuts based on jobs numbers slowing, per Reuters.
New
update2025.09.25 21:48

US: Initial Jobless Claims dropped to 218K last week

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance went down to 218K for the week ending September 20.
New
update2025.09.25 21:34

Fed's Miran: No material evidence of tariff-driven inflation

Federal Reserve (Fed) Governor Stephen Miran told Fox Business on Thursday that other policymakers are more concerned about tariffs driving inflation than he is, per Reuters.
New
update2025.09.25 21:27

Gold steadies near $3,750 as markets eye US data and Fed commentary

Gold (XAU/USD) steadies on Thursday, recovering from the previous day's corrective pullback as markets gear up for a busy US economic calendar.
New
update2025.09.25 21:17

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel