FX Strategists at UOB Group suggested the probability of extra gains in USD/CNH seems to be running out of steam for the time being. Key Quotes 24-hour view: “We expected USD to trade sideways yesterday and were of the view it is unlikely to move much out of Monday’s 6.9858/7.0230 range. USD subsequently traded between 6.9860 and 7.0230. The movement is still viewed as part of a consolidation phase and we continue to expect USD to trade sideways, likely between 6.9880 and 7.0230.” Next 1-3 weeks: “While our view from last Tuesday (28 Jan, spot at 6.9780) wherein ‘USD could extend its gains to 7.0400’ still stands, upward momentum appears to slowing and this coupled with overbought conditions suggest 7.0400 could be just out of reach this time round. However, only a breach of 6.9680 (‘strong support’ previously at 6.9500) would indicate that strong advance that started in mid-Jan has run its course.” 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 NZD/USD struggles to hold above 0.6500 as DXY climbs above 98 FX Street 2 years FX Strategists at UOB Group suggested the probability of extra gains in USD/CNH seems to be running out of steam for the time being. Key Quotes 24-hour view: “We expected USD to trade sideways yesterday and were of the view it is unlikely to move much out of Monday’s 6.9858/7.0230 range. USD subsequently traded between 6.9860 and 7.0230. The movement is still viewed as part of a consolidation phase and we continue to expect USD to trade sideways, likely between 6.9880 and 7.0230.” Next 1-3 weeks: “While our view from last Tuesday (28 Jan, spot at 6.9780) wherein ‘USD could… 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.
