USD/CNH is seen facing some consolidation ahead of a probable drop to 6.4960, in opinion of UOB Group’s FX Strategists. Key Quotes 24-hour view: “We expected USD to ‘consolidate within a 6.5100/6.5300 range’ yesterday. USD subsequently dipped to a low of 6.5075 before rebounding to end the day largely unchanged at 6.5190 (-0.03%). Momentum indicators are still mostly neutral and USD could continue to consolidate. Expected range for today, 6.5100/6.5310.” Next 1-3 weeks: “We noted last Wednesday that ‘downward momentum is improving but USD has to close below the year-to-date low of 6.5319 in order to indicate that next down-leg has started’. USD plummeted to a low of 6.5070 last Friday before closing at 6.5170 (-0.29%). While oversold shorter-term conditions could lead to a couple of days of consolidation first, USD is expected to weaken to 6.4960. Looking forward, the next support is at 6.4700. All in, the current weak phase is deemed as intact as long as USD does not move above 6.5650 (‘strong resistance’ level).” 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 struggles near the lowest since January 2015, around 0.8875-70 region FX Street 2 years USD/CNH is seen facing some consolidation ahead of a probable drop to 6.4960, in opinion of UOB Group’s FX Strategists. Key Quotes 24-hour view: “We expected USD to ‘consolidate within a 6.5100/6.5300 range’ yesterday. USD subsequently dipped to a low of 6.5075 before rebounding to end the day largely unchanged at 6.5190 (-0.03%). Momentum indicators are still mostly neutral and USD could continue to consolidate. Expected range for today, 6.5100/6.5310.” Next 1-3 weeks: “We noted last Wednesday that ‘downward momentum is improving but USD has to close below the year-to-date low of 6.5319 in order to indicate that next down-leg… 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.
