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Market updates on July 29

Market updates on July 29

Information is not investment advice

  • The Chinese yuan suddenly weakened during the Asian trading session, pushing USD/CNH to the highs above the 200-period SMA on the 4-hour chart. The pair has been testing the resistance levels which lie at 6.8958-6.8988. If the resistance zone is crossed, the next resistance for the pair will lie at 6.9080. In the case of the fall, pay attention to the 6.8858 (200-period SMA) level. After that, the next support will lie at 6.8798. The pair is awaiting the releases of Chinese manufacturing PMIs on Wednesday and Thursday and the restart of trade talks between the US and China on July 30-31.

USDCNHH4.png

  • The British pound has been going down on the fresh worries over the no-deal Brexit after UK Secretary of state for foreign affairs Dominic Raab said the EU is being stubborn and if the European policymakers don't change their attitude, Great Britain should prepare for a no-deal Brexit. At the moment, GBP/USD is testing the support at 1.2335 on H4. If it's broken, the next support level will be placed at 1.2285. In case of a reversal, pay attention to the resistance level at 1.2399. After that, the 1.2419 level will be the next target for bulls.

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    FBS Analyst Team

    FBS Analyst Team

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