USD/CNH clings to the consolidative range so far – UOB
|Further range bound trade remains likely in USD/CNH for the time being, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.
Key Quotes
24-hour view: Yesterday, we expected USD to trade sideways in a range of 7.3000/7.3200. USD then dropped to 7.3008 and then rose to a high of 7.3268. Despite the advance, upward momentum has only improved slightly. Today there is room for USD to rise, but any advance is unlikely to threaten the major resistance at 7.3400 (there is another resistance at 7.3300). Support is at 7.3100, followed by 7.3000.
Next 1-3 weeks: We continue to hold the same view as last Thursday (21 Sep, spot at 7.3150), wherein the recent downward pressure has faded, and USD is likely to trade in a range, probably between 7.2800 and 7.3400.
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.