- Analytics
- News and Tools
- Market News
- USD/CNH risks further downside – UOB
USD/CNH risks further downside – UOB
FXStreet reports that FX Strategists at UOB Group believe USD/CNH remains poised to extend the downside in the near-term.
24-hour view: “We highlighted yesterday that USD ‘could decline but prospect for a break of last week’s low at 6.9815 is not high’. USD subsequently dropped to a low of 6.9820 before closing on a soft note at 6.9820 (-0.43%). Downward momentum has improved slightly and from here, USD could weaken to 6.9740. The next support at 6.9650 is unlikely to come into the picture. Resistance is at 6.9930 but the stronger level is close to 6.9980.”
Next 1-3 weeks: “There is not much to add to our update from Monday (13 Jul, spot at 7.0050). As highlighted, USD could weaken to 6.9650 with lower odds for extension to 6.9500. Only a break of 7.0180 (‘strong resistance’ level previously at 7.0390) would indicate that the current downward pressure has eased.”
© 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
