Downside momentum around USD/CNH is gathering pace quickly, noted UOB Group’s FX Strategists. Key Quotes 24-hour view: “While we expected USD to weaken yesterday, we were of the view that ‘6.5300 is unlikely to come into the picture’. The subsequent weakness in USD exceeded our expectation as USD dropped to 6.5255. Downward momentum appears to have slowed somewhat but there is room for the weakness in USD to test 6.5180 first before stabilizing. Resistance is at 6.5400 followed by 6.5450.” Next 1-3 weeks: “Yesterday, we noted that USD ‘is under mild downward pressure and a daily closing below 6.5400 could lead to weakness towards 6.5300’. We did not anticipate the subsequent sharp decline as USD dropped to 6.5255 before closing at 6.5317. The rapid improvement in downward momentum is expected to lead to further USD weakness even though 6.5000 may not come into the picture so soon. Overall, the current downward pressure in USD is deemed intact as long as it does not move above 6.5530 (‘strong resistance’ level was at 6.5630 yesterday).” 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 USD/CHF set to advance nicely towards the 0.93 area – Commerzbank FX Street 2 years Downside momentum around USD/CNH is gathering pace quickly, noted UOB Group's FX Strategists. Key Quotes 24-hour view: "While we expected USD to weaken yesterday, we were of the view that '6.5300 is unlikely to come into the picture'. The subsequent weakness in USD exceeded our expectation as USD dropped to 6.5255. Downward momentum appears to have slowed somewhat but there is room for the weakness in USD to test 6.5180 first before stabilizing. Resistance is at 6.5400 followed by 6.5450." Next 1-3 weeks: "Yesterday, we noted that USD 'is under mild downward pressure and a daily closing below 6.5400 could… 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.
