FX Strategists at UOB Group suggested USD/CNH could now attempt some consolidation after charting a short-term bottom. Key Quotes 24-hour view: “We highlighted yesterday USD “could move above 7.0250 but the next resistance at 7.0330 is unlikely to come into the picture”. However, USD briefly popped to a high of 7.0375 before dropping back quickly. The combination of overbought conditions and waning momentum suggests that a temporary top could be in place. For today, USD is likely to trade with a downward bias but any weakness is viewed as part of 7.0100/7.0310 range (a sustained decline below 7.0100 is not expected)”. Next 1-3 weeks: “After USD plummeted to 6.9530 last Thursday, we highlighted on Friday (08 Nov, spot at 6.9800) that “while the outlook for USD remains weak, the next major support at 6.9200 may not come into the picture so soon”. USD subsequently rebounded and moved above the 7.0220 ‘strong resistance’ yesterday. The price action suggests that 6.9530 is a short-term bottom. The current movement is viewed as part of a broader consolidation phase. In other words, USD is expected to trade sideways between 6.9750 and 7.0600 for a period”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next OPEC: Forecast for 2020 global oil demand growth unchanged at 1.08 million bpd or 1% FX Street 3 years FX Strategists at UOB Group suggested USD/CNH could now attempt some consolidation after charting a short-term bottom. Key Quotes 24-hour view: "We highlighted yesterday USD "could move above 7.0250 but the next resistance at 7.0330 is unlikely to come into the picture". However, USD briefly popped to a high of 7.0375 before dropping back quickly. The combination of overbought conditions and waning momentum suggests that a temporary top could be in place. For today, USD is likely to trade with a downward bias but any weakness is viewed as part of 7.0100/7.0310 range (a sustained decline below 7.0100 is not… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
