Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Chinese yuan weakens as risk-on sentiment fades
Information is not investment advice
The trade tensions between the US and China weakened the offshore yuan. USD/CNH has risen above the weekly pivot resistance at 6.8828. At the moments bulls are targeting the next resistance at 6.9221. Such oscillators as Stochastics and RSI show that the market is in the overbought conditions. If bears take over the market, they will pull the pair to the support near the 200-day SMA at 6.8254.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.