- Analytics
- News and Tools
- Market News
- USD/CNH faces a potential move to 6.8600 - UOB
USD/CNH faces a potential move to 6.8600 - UOB
FXStreet reports that FX Strategists at UOB Group now see USD/CNH attempting a move to the 6.8600 region in the near-term.
24-hour view: “While our view for USD to move higher was correct, our expectation that ‘any advance was likely limited to a test of 6.8100’ was not. USD surged past 6.8100 and hit a high of 6.8285 before closing on a strong note at 6.8260 (+0.60%), its biggest 1-day gain in 2 months. While overbought, the advance has room to break above the major 6.8300 resistance. That said, the next resistance at 6.8430 is likely out of reach. Support is at 6.8100 followed by 6.8000.”
Next 1-3 weeks: “Two days ago (22 Sep, spot at 6.7900), we highlighted that the ‘month-long negative phase has run its course’. We held view that the ‘rebound in USD has room to extend higher but any advance is viewed as part of a broad 6.7500/6.8300 range’. While our view was not wrong, the pace by which USD approaches 6.8300 was faster than expected... The price actions suggest that the rebound could extend further towards 6.8600.”
© 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
