FX Strategists at UOB Group noted the outlook on USD/CNH remains constructive with a tough hurdle in the 7.1652 level. Key Quotes 24-hour view: “After soaring to a high of 7.1645 last Friday (22 May), USD traded in a quiet manner between 7.1470 and 7.1580 yesterday (25 May). Upward momentum has eased and the current movement is viewed as the early stages of a correction phase. In other words, USD is expected to trade sideways to slightly lower today, likely between 7.1280 and 7.1500.” Next 1-3 weeks: “We highlighted last Friday (22 May, spot at 7.1290) that the outlook for USD “is mildly positive”. We added, “the year-to-date high at 7.1652 is a formidable resistance” and only a daily closing above this level would ‘confirm’ a break-out. USD subsequently soared to 7.1642 before easing off. For now, there is no change in our view and only a break of 7.1100 (‘strong support’ level previously at 7.0800) would indicate the current upward pressure has eased.” 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 Gold retreats to session lows, just above $1725 level amid risk-on mood FX Street 3 years FX Strategists at UOB Group noted the outlook on USD/CNH remains constructive with a tough hurdle in the 7.1652 level. Key Quotes 24-hour view: “After soaring to a high of 7.1645 last Friday (22 May), USD traded in a quiet manner between 7.1470 and 7.1580 yesterday (25 May). Upward momentum has eased and the current movement is viewed as the early stages of a correction phase. In other words, USD is expected to trade sideways to slightly lower today, likely between 7.1280 and 7.1500.” Next 1-3 weeks: “We highlighted last Friday (22 May, spot at 7.1290) that the outlook for… 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.
