- Analytics
- News and Tools
- Market News
- Still scope for USD/CNH to drop to 6.3180 – UOB
Still scope for USD/CNH to drop to 6.3180 – UOB
USD/CNH could still give away some ground and retest the 6.3180 level in the next weeks, noted UOB Group’s FX Strategists.
Key Quotes
24-hour view: “We expected USD to ‘trade between 6.3240 and 6.3430’ yesterday. USD subsequently traded within a narrower range than expected (6.3288/6.3385). Despite the quiet price actions, the underlying tone has softened and USD is likely to edge lower. That said, the major support at 6.3180 is unlikely to come under threat (there is another support at 6.3240). Resistance is at 6.3350 followed by 6.3400.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (25 Jan, spot at 6.3300). As highlighted, downward momentum has not improved by much but USD could weaken further to 6.3180. However, a breach of 6.3500 (no change in ‘strong resistance’ level from yesterday) would indicate that the weak phase in USD that started more than a week 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
