USD/CNH's Rebound May Extend Above Several Resistance Levels, Charts Show -- Market Talk

Dow Jones01-10

0313 GMT - USD/CNH's sharp rebound from the late-December low may extend above several resistance levels, based on technical charts, Quek Ser Leang, a markets strategist at UOB Global Economics & Markets Research, says in a research report. The rebound, together with the daily moving average convergence divergence indicator remaining positive, suggests the currency pair could rise further over the next month or so, the strategist says. USD/CNH seems likely to breach the 55-day exponential moving average, bottom of the daily Ichimoku cloud and the mid-December high of 7.2000, the strategist says. USD/CNH is little changed at 7.1835. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

January 09, 2024 22:14 ET (03:14 GMT)

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USD/CNH seems likely to breach the 55-day exponential moving average, bottom of the daily Ichimoku cloud and the mid-December high of 7.2000, the strategist says. USD/CNH is little changed at 7.1835. 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