UOB Group’s FX Strategists still believe USD/CNH could advance and test the 6.5200 area in the next weeks. Key Quotes 24-hour view: “While we expected USD to strengthen last Friday, we were of the view ‘any advance is expected to face solid resistance at 6.4880’. However, USD soared to 6.4990 before closing on a firm note at 6.4974 (+0.52%). The rapid rise is overbought but there is room for USD to push above 6.4990 before a more sustained pullback can be expected. For today, the prospect for a clear break of last week’s peak at 6.5075 is not high. Support is at 6.4840 followed by 6.4790.” Next 1-3 weeks: “There is not much to add to our update from Wednesday (20 Jan, spot at 6.4800). As highlighted, while upward momentum has been dented, there is still chance for USD to move to 6.5200. Only a break of 6.4450 (no change in ‘strong support’ level) would indicate that USD is not ready to move to 6.5200.” 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 UK’s Truss: Making good progress with New Zealand FX Street 1 year UOB Group’s FX Strategists still believe USD/CNH could advance and test the 6.5200 area in the next weeks. Key Quotes 24-hour view: “While we expected USD to strengthen last Friday, we were of the view ‘any advance is expected to face solid resistance at 6.4880’. However, USD soared to 6.4990 before closing on a firm note at 6.4974 (+0.52%). The rapid rise is overbought but there is room for USD to push above 6.4990 before a more sustained pullback can be expected. For today, the prospect for a clear break of last week’s peak at 6.5075 is not high. Support… 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.
