- Analytics
- News and Tools
- Market News
- USD/CNH: Diminished odds for a move to 7.17 – UOB
USD/CNH: Diminished odds for a move to 7.17 – UOB
FXStreet reports that FX Strategists at UOB Group now see declining likeliness of USD/CNH to reach the 7.17 level.
24-hour view: "We highlighted yesterday that the 'underlying tone has weakened somewhat' and expected USD to 'drift lower to 7.0600'. USD subsequently dropped to 7.0688 but opened on a weak note this morning. Downward pressure has picked up and from here, USD could move below 7.0600. For today, the strong support at 7.0350 is likely 'safe'. Resistance is at 7.0950 followed by 7.1080."
Next 1-3 weeks: "After surging to a high of 7.1652 last Thursday (19 Mar), USD has not been able to make much headway on the upside. The relatively sharp decline of -0.48% yesterday (24 Mar) has dented the upward momentum and the chance for USD to break the strong 7.1700 level has diminished. From here, unless USD moves and stays above 7.1200 within these 1 to 2 days, a break of 7.0350 ('strong support' level previously at 7.0180) would indicate that the recent upward pressure has dissipated."
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
