USD/CNH could slip back to the 6.4400 level and below in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Our expectation for USD to ‘trade within a 6.4600/6.4950 range’ was wrong it plummeted to 6.4397 before closing on a weak note at 6.4564 (-0.30%). The rapid drop is oversold and while there is room for USD to test 6.4350, a sustained decline below this level is unlikely. Resistance is at 6.4650 followed 6.4770.” Next 1-3 weeks: “Last Friday (29 Jan, spot at 6.4750), we highlighted that further USD strength is unlikely. We added, USD ‘is more likely to trade sideways within a broad range 6.4400/6.5500’. USD subsequently dropped to a low of 6.4397. Downward momentum is beginning to improve but USD has to close below 6.4400 before a move towards 6.4130 can be expected. At this stage, the prospect for such a move is not high but it would remain intact as long as it does not move above 6.4900.” 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 Silver Price Analysis: XAG/USD rallies hard to eight-year highs at $30, more gains in the offing FX Street 1 year USD/CNH could slip back to the 6.4400 level and below in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “Our expectation for USD to ‘trade within a 6.4600/6.4950 range’ was wrong it plummeted to 6.4397 before closing on a weak note at 6.4564 (-0.30%). The rapid drop is oversold and while there is room for USD to test 6.4350, a sustained decline below this level is unlikely. Resistance is at 6.4650 followed 6.4770.” Next 1-3 weeks: “Last Friday (29 Jan, spot at 6.4750), we highlighted that further USD strength is unlikely. We added, USD ‘is… 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.
