UOB Group’s FX Strategists believe the upside momentum in USD/CNH could be losing traction. Key Quotes 24-hour view: “We highlighted yesterday that ‘there is room for USD to test 6.4650 first before a recovery can be expected’. The subsequent weakness exceeded our expectation as USD dropped to 6.4605 before extending its decline this morning. Rapid improvement in downward momentum suggests further weakness but any decline is expected to face solid support at 6.4450 (minor support is at 6.4500). Resistance is at 6.4680 followed by 6.4750.” Next 1-3 weeks: “We highlighted on Monday (18 Jan, spot at 6.4680) that ‘upward momentum is beginning to improve and a clear break of 6.4900 could lead to a move to 6.5200’. While USD subsequently broke 6.4900, it retreated quickly after touching 6.5075. Upward momentum has been dented somewhat but there is still chance for USD to move 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 just yet.” 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/GBP slides to fresh eight-month lows, further below mid-0.8800s ahead of ECB FX Street 2 years UOB Group’s FX Strategists believe the upside momentum in USD/CNH could be losing traction. Key Quotes 24-hour view: “We highlighted yesterday that ‘there is room for USD to test 6.4650 first before a recovery can be expected’. The subsequent weakness exceeded our expectation as USD dropped to 6.4605 before extending its decline this morning. Rapid improvement in downward momentum suggests further weakness but any decline is expected to face solid support at 6.4450 (minor support is at 6.4500). Resistance is at 6.4680 followed by 6.4750.” Next 1-3 weeks: “We highlighted on Monday (18 Jan, spot at 6.4680) that ‘upward momentum… 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.
