- Analytics
- News and Tools
- Market News
- USD/CNH: Downside momentum picked up pace – UOB
USD/CNH: Downside momentum picked up pace – UOB
FXStreet reports that in opinion of FX Strategists at UOB Group, USD/CNH risks further retracements in the next weeks.
Next 1-3 weeks: “Yesterday, we highlighted that downward momentum has more or less dissipated and USD is likely to trade sideways within a 6.4100/6.4600 range. We did not anticipate the sharp drop that sent USD tumbling to 6.4090. Downward momentum has picked up again and the risk from here is for USD to break the major support at 6.4015. Looking ahead, a daily closing below 6.4015 would indicate that USD could decline towards the next support at 6.3800. The current downward pressure is deemed intact as long as USD does not move above the ‘strong resistance’ level at 6.4300.”
© 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
