OctaFX | OctaFX Forex Broker
Open trading account

USD/CNH should remain side-lined so far – UOB

FX Strategists at UOB Group noted USD/CNH is expected to keep the consolidative fashion in the near-term.

Key Quotes

24-hour view: “Expectation for USD to trade sideways was incorrect as it rebounded to a high of 7.0095 last Friday. The advance appears to be running ahead of itself and further USD strength appears unlikely. From here, USD could edge lower but any weakness is viewed as part of a 6.9800/7.0150 range.”

Next 1-3 weeks: “Despite the relatively strong bounce of +0.43% last Friday, we continue to hold the view that USD is likely to ‘trade sideways for now’. Only a clear break above 7.0230 would indicate that USD is ready to tackle 7.0500. Otherwise, the current movement is viewed as part of a broad 6.9500/7.0230 range (adjusted from 6.9300/7.0100 previously).”

EUR/JPY Price Analysis: Further decline remains on the cards

EUR/JPY is looking to reverse the recent pullback after hitting monthly tops at 121.15 during last week. The ongoing leg lower broke below the critica
Read more Previous

US Dollar Index Price Analysis: Extra gains point to a test of 98.93

DXY has started the week slightly in the offered camp amidst some profit taking mood. The knee-jerk, however, looks contained in the 98.60 region for
Read more Next
Start livechat