Market news
26.06.2020, 08:40

USD/CNH: Door open to extra consolidation – UOB

FXStreet reports that FX Strategists at UOB Group believe USD/CNH should navigate within the 7.0400/7.1000 range in the next weeks.

24-hour view: “The sudden decrease in activity in USD that resulted in a narrow trading range of 127 pips (between 7.0761 and 7.0888) came as a surprise. The price action offers no fresh clues and USD could continue to trade sideways for now, expected to be between 7.0700 and 7.0900.”

Next 1-3 weeks: “We highlighted the increased downside risk yesterday and indicated ‘if USD closes below 7.0500, it could weaken to 7.0350’. USD subsequently dropped to 7.0458 before rebounding strongly to take out the ‘strong resistance’ level at 7.0800 (high of 7.0831). Downward pressure has eased and USD does not appear to be ready to move lower just yet. From here, USD is expected to trade sideways, likely within a broad 7.0400/7.1000 range.”

© 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.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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
Feedback
Live Chat E-mail
Up
Choose your language / location