- Analytics
- News and Tools
- Market News
- USD/CNH does not rule out further downside – UOB
USD/CNH does not rule out further downside – UOB
FXStreet reports that FX Strategists at UOB Group still believe USD/CNH could drop and test the 6.7000 area in the next weeks.
Next 1-3 weeks: “Our latest narrative was from last Friday (02 Oct, spot at 6.7600) wherein USD ‘could weaken further but the major support at 6.7165 could be out of reach this time round’. In other words, we did not anticipate the sudden surge in downward momentum as USD plunged to a low of 6.7135 yesterday (05 Oct). From here, further weakness appears likely and the focus now is at the round-number support level of 6.7000. On the upside, the ‘strong resistance’ level has moved lower to 6.7700 from 6.8250.”
© 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
