USD/CNH faces extra rangebound in the short-term – UOB
|FX Strategists at UOB Group expect USD/CNH to stay within a consolidative range between 6.6850 and 6.7850.
Key Quotes
24-hour view: “We expected USD to weaken yesterday but were of the view ‘any decline is likely limited to a test of 6.6950’. However, USD rebounded quickly from a low of 6.7018. Momentum indicators are mostly neutral and USD could continue to trade sideways. Expected range for today, 6.7000/6.7300.”
Next 1-3 weeks: “There is not much to add to our latest narrative from Wednesday (14 Oct, spot at 6.7360). As highlighted, the current movement in USD is viewed as part of a consolidation phase and USD could trade between 6.6850 and 6.7850 for a period of time.”
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.