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Global Upstream Exchange Technical Disruption – Impact on Selected Products
Dear Valued Client,
Due to abnormal liquidity conditions in gold caused by this disruption, we have temporarily suspended trading for all gold instruments with immediate effect.
We are writing to keep you fully informed that a technical disruption currently affecting upstream global exchange, which has resulted in interruptions to pricing and trading for several international derivatives markets.
Please be advised that this is an industry-wide incident originating from an external provider and is unrelated to our platform or price movements.During this time, clients may experience price delays, order rejections, or temporary constraints on order execution.
We understand that seamless execution is vital to your trading. We have activated our emergency monitoring protocols and are tracking the recovery progress in real-time. We will send a follow-up notification immediately once services are fully operational.
We sincerely apologize for the inconvenience caused by this external event, and our support team remains on standby to assist you should you require any assistance.
Thank you for your understanding.
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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USD/CNH for 22nd September 2023.
The Federal Reserve’s Decision: In September, the Federal Reserve made a pivotal decision to halt interest rate hikes. The dot plot hints at the possibility of future rate increases.
Furthermore, the overall monetary policy for the upcoming year leans towards a more hawkish stance, with a shift from an anticipated 5 interest rate cuts to just 2.
These factors collectively maintain the US dollar’s dominance, momentarily placing non-US currencies at a disadvantage.

(Daily chart of USD/CNH, source: Ultima Markets MT4)
Rebound and Candle Pattern: Our analysis of the daily chart reveals an interesting rebound in the USD/CNH pair after reaching the 33-day moving average.
This rebound pattern closely resembles a head and shoulders candle formation. This chart development signifies a potential right shoulder formation.

(4-hour chart of USD/CNH, source: Ultima Markets MT4)
Rebound Magnitude: Transitioning to the 4-hour chart, we observe that the recent rebound of USD/CNH has reached a significant level, approximately 1.618 times the rebound height recorded on September 14.
It is vital to keep a close watch on market movement below the 65-period moving average to gain insights into the conclusion of the market rebound.

(1-hour chart of USD/CNH, source: Ultima Markets MT4)
Equilibrium in the Market: On the 1-hour chart, the moving average remains a pivotal support for the market.
The stochastic oscillator hovers around the middle area at 50, indicating an equilibrium between bullish and bearish sentiments.
To confirm the initiation of short positions, a market movement below the moving average group is crucial.

(1-hour chart of USD/CNH, source: Ultima Markets MT4)
Key Price Level: According to the pivot indicator in Ultima Markets MT4, the central price for the day stands at 7.31286.
A bullish sentiment prevails above this level, with the first target at 7.32288 and the second target at 7.33139.
Conversely, a bearish stance is favored below 7.31286, with the first target at 7.30435 and the second target at 7.29450.
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