Market news
08.07.2020, 08:38

USD/CNH keep looking to 6.9950 – UOB

FXStreet reports that FX Strategists at UOB Group expect further decline in USD/CNH if the 6.9950 level is breached in the near-term.

24-hour view: “We highlighted yesterday that ‘further USD weakness would not be surprising and a break of the critical support at 6.9950 could potentially trigger further selling’. USD dropped to 6.9965 before staging a swift and sharp rebound. Downward momentum has eased and from here, USD could edge higher. That said, any advance is viewed as part of a 7.0100/7.0380 range (a sustained advance above 7.0380 is not expected).”

Next 1-3 weeks: “We have held the view that USD is trading in consolidation phase for about 3 weeks. The manner by which the consolidation phase comes to an end was unexpected as USD staged a sudden lurch lower and plummeted by –0.78% yesterday (NY close of 7.0103). Downward momentum has picked up and the risk is for further USD weakness from here. A daily closing below the weekly trend-line support at 6.9950 could potentially lead to further sharp loss as the next support of note is not until 6.9500. All in, USD is expected to remain under pressure unless it can move back above 7.0550.”

© 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