- Analytics
- News and Tools
- Market News
- USD/CNH now focuses on 6.5050 – UOB
USD/CNH now focuses on 6.5050 – UOB
FXStreet reports that FX Strategists at UOB Group noted that USD/CNH faces extra gains on a breakout of the 6.5050 level.
Next 1-3 weeks: “Our latest narrative was from last Friday where we indicated that ‘risk is still for a lower USD but any weakness is expected to encounter solid support at 6.4700’. USD dropped to 6.4713 before rebounding. The rebound ahead of the solid support coupled with oversold conditions suggests that the prospect for further USD weakness is not high. That said, only a break of 6.5050 (‘strong resistance’ level previously at 6.5200) would indicate that the weakness in USD that started about 2 weeks ago has come to an end.”
© 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
