In light of the recent price action, FX Strategists at UOB Group now believe USD/CNH could head to the 7.0350 level in the next weeks. Key Quotes 24-hour view: “The sudden lurch in USD that hit a low of 7.0492 was unexpected. The sharp and rapid decline appears to be running ahead of itself and further weakness in USD appears unlikely. From here, USD could edge slightly higher but any advance is viewed as part of a 7.0550/7.0900 range.” Next 1-3 weeks: “While we noted yesterday (07 Apr, spot at 7.1055) that the ‘prospect for a break of 7.1700 continues to diminish’, the sudden and sharp drop in USD that sent it tumbling to 7.0492 came as a surprise. The breach our ‘strong support’ level at 7.0550 (low of 7.0492) indicates that last month’s 7.1652 high could remain as a top for a while more. In other words, the risk from here has shifted to the downside. Only a move back above 7.1120 would indicate our view for USD to move to 7.0350 is wrong.” 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 ECB told ministers EZ financing needs to address coronavirus crisis could be up to EUR1.5 trillion – Reuters FX Street 2 years In light of the recent price action, FX Strategists at UOB Group now believe USD/CNH could head to the 7.0350 level in the next weeks. Key Quotes 24-hour view: “The sudden lurch in USD that hit a low of 7.0492 was unexpected. The sharp and rapid decline appears to be running ahead of itself and further weakness in USD appears unlikely. From here, USD could edge slightly higher but any advance is viewed as part of a 7.0550/7.0900 range.” Next 1-3 weeks: “While we noted yesterday (07 Apr, spot at 7.1055) that the ‘prospect for a break of 7.1700 continues… 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.
