USD/CNH carries the potential to debilitate to the 6.7165 level in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “USD plunged to a low of 6.7302 in a holiday thinned market. The sharp and rapid drop appears to be ‘overdone’ and further sustained weakness in USD is unlikely for today. USD is more likely to consolidate and is expected to trade within yesterday’s broad range of 6.7302/6.7900.” Next 1-3 weeks: “The sharp drop in USD that sent it to a fresh 17-month low (6.7302) came as a surprise. While the longer-term outlook for USD still appears weak, the sharp decline over the past couple of days appears to be running ahead of itself. That said, USD is expected to stay under pressure unless it can move above 6.8250 (‘strong resistance’ level). Overall, while USD could weaken further, the major support at 6.7165 could be out of reach this time round.” 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 GBP/USD refreshes session tops near 1.2940 area, lacks follow-through FX Street 2 years USD/CNH carries the potential to debilitate to the 6.7165 level in the next weeks, suggested FX Strategists at UOB Group. Key Quotes 24-hour view: “USD plunged to a low of 6.7302 in a holiday thinned market. The sharp and rapid drop appears to be ‘overdone’ and further sustained weakness in USD is unlikely for today. USD is more likely to consolidate and is expected to trade within yesterday’s broad range of 6.7302/6.7900.” Next 1-3 weeks: “The sharp drop in USD that sent it to a fresh 17-month low (6.7302) came as a surprise. While the longer-term outlook for USD still… 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.
