OctaFX | OctaFX Forex Broker
Open trading account

USD/CNH faces a probable move to 7.0567 – UOB

FX Strategists at UOB Group noted USD/CNH could advance further and re-visit February highs at 7.0567.

Key Quotes

24-hour view: “We expected USD to ‘strengthen towards 7.0000’ yesterday. However, it surged to an overnight high of 7.0412 (before extending its gain early this morning). The rapid rise appears to be running ahead of itself and for today, USD is likely to trade within a broad 7.0000/7.0600 range.”

Next 1-3 weeks: “We indicated two days (11 Mar, spot at 6.9600) that ‘a short-term bottom is in place’. We added yesterday (12 Mar) that ‘looking forward, if USD register a daily closing above 7.0000, it would indicate the start of a stronger rebound to 7.0250’. The scenario is supposed to take at least a few days to evolve but USD rocketed to 7.0412 yesterday in one breath. From here, further USD strength would not be surprising and a break of last month’s 7.0567 peak could lead to a move towards 7.0865 (high in Dec last year). On the downside, ‘strong support’ level is at 6.9500.”

Sweden: CPIF to get close to zero this summer – Danske Bank

Although all focus is on coronavirus developments these days, even the Riksbank’s it seems, there is reason to comment on the February inflation print
Read more Previous

EUR/GBP Price Analysis: Hits fresh 5-month tops, bulls take breather near 61.8% Fibo.

The EUR/GBP cross failed to capitalize on its intraday positive move to levels beyond the 0.8900 round-figure mark and quickly retreated around 50-60
Read more Next
Start livechat