Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

Google Add as a preferred source on Google

FxWirePro: USD/CNY dips as dollar weakens on US-Iran escalation

• USD/CNY edged  lower  on  Monday as dollar dipped as escalating Middle East tensions fuelled inflation fears.

• The United States carried out strikes on two Iranian launchers on Larak Island on Sunday, its first known military action against Iran since late July..

• Iran launched attacks on two U.S. military bases in Jordan in response to the U.S. strikes, Iranian media reported on Monday, citing the Revolutionary Guards.

• China’s factory activity improved in August on stronger demand but remained in contraction for a second consecutive month, while weak services and construction activity highlighted persistent imbalances in the economy.

•Focus will turn to a U.S.-hosted meeting of G20 finance ministers and central bank governors on Monday and Tuesday.

•  Immediate resistance is located at 6.745(SMA20), any close above will push the pair towards 6.756(38.2%fib)

• Support is seen at 6.769(Daily low) and break below could take the pair towards 6.758 (Lower BB).

Recommendation: Good to sell around 6.720, with stop loss of 6.760 and target price of 6.700

 

  • Market Data
Close

Welcome to EconoTimes

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