CFD News

USD/CNH: Downward bias gathers steam – UOB

Close up shot of Businessman in black suit holding tablet with bitcoin symbol hologram effect isolated on background.

UOB Group’s FX Strategists stated USD/CNH should grind decrease and retest the 6.3500 degree in the temporary horizon.

Key Quotes
24-hour view: “Yesterday, we highlighted that ‘the swift and sharp drop seems to be strolling beforehand of itself however there is room for USD to dip to 6.3560’. Our expectations did now not materialize as USD dipped temporarily to 6.3575 earlier than rebounding. Downward strain has eased incredibly and USD is probable to consolidate for today, predicted be between 6.3590 and 6.3700.”

Next 1-3 weeks: “Our replace from the day prior to this (13 Jan, spot at 6.3625) nevertheless stands. As highlighted, downward momentum is establishing to construct and USD is predicted to change with a downward bias closer to 6.3500. A breach of 6.3780 (‘strong resistance’ stage was once at 6.3760 yesterday) would point out that our view is wrong.”


Related posts
CFD News

EUR/USD Price Analysis: 2021 low of 1.1524 appears at risk, eyes on NFP

EUR/USD retailers bide time earlier than the subsequent downswing kicks in. Daily horizontal guide…
Read more
CFD News

USD/INR Price Analysis: Bulls eye a 61.8% golden ratio target

USD/INR bears are taking manage and are shifting into each day support. USD/INR should be in for a…
Read more
CFD News

Japan’s Top FX Diplomat Kanda: Sharp one-sided currency moves cannot be tolerated

Japan’s pinnacle forex diplomat Masato Kanda warned on Thursday, sharp one-sided foreign money…
Read more
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *