According to FX Strategists at UOB Group, USD/CNH is expected to keep navigating between the 6.9300/6.9800 band in the next weeks. Key Quotes 24-hour view: “Our expectation for USD to ‘trade sideways’ yesterday was incorrect as it dropped to 6.9370 before rebounding. The recovery appears to have room to extend higher but any advance is unlikely to move above yesterday’s peak at 6.9662 (6.9580 is already quite a strong level). Support is at 6.9380 but the stronger level is at 6.9300.” Next 1-3 weeks: “Our view from last Thursday (06 Aug, spot at 6.9400) wherein USD ‘is in a negative phase and break of 6.9300 critical support could lead to a quick move to 6.9050’ was proven wrong it breached the ‘strong resistance’ level at 6.9730 last Friday (high of 6.9763). While USD could still weaken further out, for the next 1 to 2 weeks, USD is likely to consolidate and trade sideways within a 6.9300/6.9800 range.” 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 EUR/USD: US CPI to lift yields and boost the greenback FX Street 2 years According to FX Strategists at UOB Group, USD/CNH is expected to keep navigating between the 6.9300/6.9800 band in the next weeks. Key Quotes 24-hour view: “Our expectation for USD to ‘trade sideways’ yesterday was incorrect as it dropped to 6.9370 before rebounding. The recovery appears to have room to extend higher but any advance is unlikely to move above yesterday’s peak at 6.9662 (6.9580 is already quite a strong level). Support is at 6.9380 but the stronger level is at 6.9300.” Next 1-3 weeks: “Our view from last Thursday (06 Aug, spot at 6.9400) wherein USD ‘is in a negative… 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.
