Are you keeping an eye on the USD/CNH pair in the forex market? If so, you’ll be interested to know that extra gains could be on the horizon, but there’s a tough barrier to overcome around the 6.9650 level, according to the experts at UOB Group.
In the short term, the USD/CNH pair surprised traders with a strong jump, but the analysts at UOB suggest that the rapid advance may have gotten a little ahead of itself. They predict that the major resistance level at 6.9650 might not be reached just yet, but support levels at 6.9300 and 6.9230 should help the pair find its footing.
Looking ahead over the next 1-3 weeks, the outlook for the USD/CNH pair remains upbeat. If the pair can break and stay above 6.9350, sustained gains could be in the cards. The recent rally that blew past the 6.9350 level was a bit of a surprise, and the analysts caution that the major resistance at 6.9650 may be a tough nut to crack. But as long as the pair stays above 6.8950, the outlook remains positive.
If you’re a forex trader, you know that technical analysis is key to success in the market. That’s why resistance levels like 6.9650 and support levels like 6.8950 are crucial to keep in mind when developing your trading strategy. But let’s face it, trading can be stressful, so why not have a little fun while you’re at it? With expert insights and a sound trading strategy, you could potentially achieve profitable results and maybe even treat yourself to a well-deserved shopping spree.
If you’re hungry for more forex market insights, be sure to check out other blogs. You’ll find helpful tips, expert analyses, and up-to-date information on the latest market trends. Don’t miss out on valuable opportunities to maximize your trading potential. Visit our website today and take your trading game to the next level!
So, whether you’re a seasoned pro or just starting out in the world of forex trading, keep your eyes peeled for opportunities in the market, and don’t forget to have a little fun along the way!