Extra rangebound most likely in USD/CNH – UOB
|FX Strategists at UOB Group see USD/CNH keep the consolidative fashion in the short-term horizon.
Key Quotes
24-hour view: “USD traded between 7.0878 and 7.1219 yesterday, narrower than our expected range of 7.0600/7.1300. The price action offers no fresh clues and for today, USD could trade between 7.0950 and 7.1350.”
Next 1-3 weeks: “There is not much to add to our update from last Wednesday (25 Mar, spot at 7.0700). As highlighted, USD has not been able to make much headway on the upside after surging to a high of 7.1652. For now, we continue to see chance for USD to break 7.1700 even though the odds have diminished further. However, only a break of 7.0350 (no change in ‘strong support’ level would indicate that the recent upward pressure has eased.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.