Mar 06
2009
FOREX: USD/CNY Analysis
Filed Under (Finance Help) by Admin on 06-03-2009
Once again there has been very little movement in value of the USD against the RMB.
There was a minor test of last weeks R1 level, which failed. For the moment the market appears to be quite comfortable in its fairly narrow trading range between the R1 and S1 levels identified on the chart.
There has been a slight upward pressure on the market which has not yet dissipated. A new break above R1 could potentially target R2. If that does not happen, expect more of the status quo.
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