USD/CNH has now likely moved into a consolidative phase, likely between 6.3700 and 6.4000 for the time being, commented FX Strategists at UOB Group.
24-hour view: “We expected USD to ‘weaken to 6.3830’ yesterday. USD subsequently dropped to 6.3810, rebounded to 6.3950 before dropping back down again. Downward momentum is beginning to build and a break of 6.3800 would not be surprising. However, the next support at 6.3750 is likely out of reach for now. Resistance is at 6.3880 followed by 6.3930.”
Next 1-3 weeks: “Our latest narrative was from last Thursday (25 Nov, spot at 6.3940) where we held the view that mild upward pressure could lead to USD edging higher to 6.4070. USD has not been able to make any headway on the upside and the mild upward pressure has dissipated. The outlook is mixed and USD is likely to trade between 6.3700 and 6.4000 for now.”
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2022 Teletrade-DJ International Consulting Ltd
Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.
The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.