Created
: 2025.05.06
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
USD/CNH can rise further to 7.2400 - UOB Group
Breaking news
USD/CNH can rise further to 7.2400 - UOB Group
New
2025.05.06 19:00
2025.05.06 19:00
2025.05.06 19:00
Rebound amid apparent positive divergence suggests US Dollar (USD) could rise further to 7.2400 vs Chinese Yuan (CNH); strong resistance at 7.2800 is unlikely to come under threat. In the longer run, USD could range-trade for a few days before resuming its decline; the level to watch is at 7.1700, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Strong resistance at 7.2800 is unlikely to come under threat
24-HOUR VIEW: "USD fell to a low of 7.1846 yesterday and then rebounded. The rebound amid apparent positive divergence suggests there is room for USD to rise further to 7.2400. The strong resistance at 7.2800 is unlikely to come under threat. Support levels are at 7.2020 and 7.1900."
1-3 WEEKS VIEW: "Yesterday, USD extended its sharp decline from last Friday, reaching its lowest level since Nov last year. Although a further decline remains possible, the deeply oversold short-term conditions suggest that the USD may range-trade for a few days before resuming its decline. The level to watch is at 7.1700. On the upside, if USD breaks above the 'strong resistance' at 7.2800, it would mean that it is not declining further."
Last updated
: 2025.05.06
Related articles
USD/CNH slips below March lows, downtrend resumes - Société Générale
2025.05.06 19:11USD/CNH can rise further to 7.2400 - UOB Group
2025.05.06 18:59Dow Jones Industrial Average continues cautious climb, bolstered by PMI beat
2025.05.06 02:21Dow Jones tanks over 200 points as US economy shrinks, recession fears loom
2025.05.01 03:06Dow Jones rallies 300 points as soft US data fuels Fed rate cut bets
2025.04.30 02:28USD/CNH fails to sustain break above 7.37 - Société Générale
2025.04.29 18:26
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
US Treasury Sec. Bessent: Negotiating with 17 trading partners, have not engaged with China yet
United States (US) Treasury Secretary Scott Bessent said on Tuesday that they are actively negotiating with 17 trading partners, while clarifying that they have not engaged with China as of yet, per Reuters.
New
2025.05.06 23:23USD/JPY declines as Yen gains on trade friction and cautious global sentiment
USD/JPY continues to trade lower as renewed safe-haven demand supports the Japanese Yen (JPY).
New
2025.05.06 23:02EUR/GBP slumps to near 0.8460 as Pound Sterling outperforms across the board
The EUR/GBP pair falls sharply to near 0.8460 during North American trading hours on Tuesday, the lowest level seen in a month. The pair slumps as the Pound Sterling (GBP) outperforms its peers in a risk-off market sentiment.
New
2025.05.06 22:47EU to target €100 billion of US goods with tariffs if talks fail - Bloomberg
Citing people familiar with the matter, Bloomberg reported on Tuesday that the European Union (EU) plans to target about €100 billion worth of United States (US) imports with additional tariffs if they fail to reach a deal with the US.
New
2025.05.06 22:07EUR remarkably quiet despite political turmoil in Germany - Scotiabank
The Euro (EUR) is quiet and trading within a remarkably tight range, given the broader context of uncertainty and German Chancellor Merz' failure to secure a majority for his confirmation vote in the German parliament, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
2025.05.06 21:02CAD is consolidating in recent range near high - Scotiabank
The CAD is entering Tuesday's NA session unchanged vs. the USD, its range tightly bound within a marginally bullish (USD/CAD bearish) trend channel from mid April, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
2025.05.06 21:00USD: Sentiment fragile as German politics hits European equities - Scotiabank
Markets are generally quiet and G10 currencies are trading in a mixed fashion against the US Dollar (USD), with no clear overriding theme or risk tone as we head into Tuesday's NA session, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
2025.05.06 20:58Mexican Peso slips as USD/MXN rises on mixed US data, Fed in focus
The Mexican Peso (MXN) is under pressure against the US Dollar (USD) in Tuesday's European session as markets brace for the Federal Reserve's (Fed) monetary policy decision on Wednesday.
New
2025.05.06 20:37Silver Price Forecast: XAG/USD rallies to near $33 on Trump's fresh tariff threats
Silver price (XAG/USD) surges to near $33.00 during European trading hours on Tuesday. The white metal strengthens as demand for safe-haven assets increasez after United States (US) President Donald Trump threatened to impose tariffs on pharmaceuticals.
New
2025.05.06 20:07US Dollar consolidates as markets digest the Taiwanese Dollar's shockwave
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, edges lower while remaining stuck in a very tight range on Tuesday.
New
2025.05.06 19:58Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
