USD/CNH's Downward Momentum Increasing, Weekly Chart Shows -- Market Talk

Dow Jones

2024-08-05

0740 GMT - USD/CNH's downward momentum is increasing, as indicated by the weekly moving average convergence divergence indicator moving deeper into negative territory, says Quek Ser Leang, markets strategist at UOB Global Economics & Markets Research, in a research report. The momentum increase has heightened the probability of USD/CNH breaking below December's low, near 7.0875, which is also close to bottom of the weekly Ichimoku cloud, he says. A break of this key and crucial support could possibly spark further sharp selloff, he says, adding that the next significant medium- to long-term support is at 7.0550, followed by 6.9420. USD/CNH is down 0.4% at 7.1305. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

August 05, 2024 03:40 ET (07:40 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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The momentum increase has heightened the probability of USD/CNH breaking below December's low, near 7.0875, which is also close to bottom of the weekly Ichimoku cloud, he says. A break of this key and crucial support could possibly spark further sharp selloff, he says, adding that the next significant medium- to long-term support is at 7.0550, followed by 6.9420. USD/CNH is down 0.4% at 7.1305. 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The momentum increase has heightened the probability of USD/CNH breaking below December's low, near 7.0875, which is also close to bottom of the weekly Ichimoku cloud, he says. A break of this key and crucial support could possibly spark further sharp selloff, he says, adding that the next significant medium- to long-term support is at 7.0550, followed by 6.9420. USD/CNH is down 0.4% at 7.1305. (ronnie.harui@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  August 05, 2024 03:40 ET (07:40 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones & Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2249611893.SGD","symbol_name":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2457571298","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2457571298","pubTimestamp":1722843600,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0740 GMT - USD/CNH's downward momentum is increasing, as indicated by the weekly moving average convergence divergence indicator moving deeper into negative territory, says Quek Ser Leang, markets strategist at UOB Global Economics & Markets Research, in a research report. The momentum increase has heightened the probability of USD/CNH breaking below December's low, near 7.0875, which is also close to bottom of the weekly Ichimoku cloud, he says. A break of this key and crucial support could possibly spark further sharp selloff, he says, adding that the next significant medium- to long-term support is at 7.0550, followed by 6.9420. USD/CNH is down 0.4% at 7.1305. 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The momentum increase has heightened the probability of USD/CNH breaking below December's low, near 7.0875, which is also close to bottom of the weekly Ichimoku cloud, he says. A break of this key and crucial support could possibly spark further sharp selloff, he says, adding that the next significant medium- to long-term support is at 7.0550, followed by 6.9420. USD/CNH is down 0.4% at 7.1305. (ronnie.harui@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  August 05, 2024 03:40 ET (07:40 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}