- Analytics
- News and Tools
- Market News
- USD/CNH: A drop to 6.9645 remains on the table – UOB
USD/CNH: A drop to 6.9645 remains on the table – UOB
FXStreet reports that there is still room for USD/CNH to re-visit the 6.9645 level in the short-term horizon, noted FX Strategists at UOB Group.
24-hour view: “USD traded between 6.9950 and 7.0095 yesterday, narrower than our expected sideway-trading range of 6.9930/7.0140 before closing slightly lower at 6.9980 (-0.11%). The underlying tone has weakened somewhat and the bias for today is for a lower USD. That said, any weakness is likely limited to a test of 6.9820. Resistance is at 7.0050 followed by 7.0100.”
Next 1-3 weeks: “Our latest narrative was from last Thursday (23 Jul, spot at 7.0155) wherein USD ‘is in a corrective rebound but any advance is expected to face solid resistance at 7.0400’. USD subsequently popped to a high of 7.0301 but has since eased off. For now, there is no change in our view but the underlying tone has softened and from here, a break of 6.9750 would indicate that the correction phase has ended. To look at it another way, a breach of 6.9750 would increase the risk of USD moving below the month-to-date low at 6.9645. For now, the prospect for such a move is not high but it would continue to increase as long as USD does not move above 7.0300 within these few days.”
© 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
