FX Strategists at UOB Group believe USD/CNH should navigate within the 7.0400/7.1000 range in the next weeks. Key Quotes 24-hour view: “The sudden decrease in activity in USD that resulted in a narrow trading range of 127 pips (between 7.0761 and 7.0888) came as a surprise. The price action offers no fresh clues and USD could continue to trade sideways for now, expected to be between 7.0700 and 7.0900.” Next 1-3 weeks: “We highlighted the increased downside risk yesterday and indicated ‘if USD closes below 7.0500, it could weaken to 7.0350’. USD subsequently dropped to 7.0458 before rebounding strongly to take out the ‘strong resistance’ level at 7.0800 (high of 7.0831). Downward pressure has eased and USD does not appear to be ready to move lower just yet. From here, USD is expected to trade sideways, likely within a broad 7.0400/7.1000 range.” 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 AUD/USD – Comment – AUD/USD Lacks Upward Momentum Despite Equity Gains Kenny Fisher 2 years FX Strategists at UOB Group believe USD/CNH should navigate within the 7.0400/7.1000 range in the next weeks. Key Quotes 24-hour view: “The sudden decrease in activity in USD that resulted in a narrow trading range of 127 pips (between 7.0761 and 7.0888) came as a surprise. The price action offers no fresh clues and USD could continue to trade sideways for now, expected to be between 7.0700 and 7.0900.” Next 1-3 weeks: “We highlighted the increased downside risk yesterday and indicated ‘if USD closes below 7.0500, it could weaken to 7.0350’. USD subsequently dropped to 7.0458 before rebounding strongly to… 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.
