UOB Group’s FX Strategists now see USD/CNH pointing to a test of 6.5970 in the next weeks. Key Quotes 24-hour view: “The strong surge in USD yesterday came as a surprise (high of 6.5534 during NY hours). USD extended its gains after opening and while overbought, USD could advance further to 6.5650. The next resistance at 6.5970 is unlikely to come into the picture. Support is at 6.5380 followed by 6.5270.” Next 1-3 weeks: “We have held a positive view in USD for about 3 weeks now. In our latest narrative from yesterday (08 Mar, spot at 6.5060), we highlighted that ‘while overbought shorter-term conditions could lead to consolidation first, the current USD strength could extend to 6.5500 later on’. In other words, while our view for a higher USD is correct, we underestimated the pace of the advance as USD surged above 6.5500 during NY hours. From here, the focus has shifted to 6.5970. Overall, the positive outlook is deemed intact as long as USD does not move below 6.5000 (‘strong support’ level was at 6.4680 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 AUD/USD steadily climbs back to 0.7700 mark, fresh session tops FX Street 1 year UOB Group's FX Strategists now see USD/CNH pointing to a test of 6.5970 in the next weeks. Key Quotes 24-hour view: "The strong surge in USD yesterday came as a surprise (high of 6.5534 during NY hours). USD extended its gains after opening and while overbought, USD could advance further to 6.5650. The next resistance at 6.5970 is unlikely to come into the picture. Support is at 6.5380 followed by 6.5270." Next 1-3 weeks: "We have held a positive view in USD for about 3 weeks now. In our latest narrative from yesterday (08 Mar, spot at 6.5060), we highlighted… 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.
