USD/CNH: Neutral bias remains unchanged – UOB
|FX Strategists at UOB Group still expect USD/CNH to trade within the 7.0400/7.10000 range in the next weeks.
Key Quotes
24-hour view: “Our expectation that USD ‘could weaken to 7.0600’ did not materialize as it rebounded from a low of 7.0630. The underlying tone still appears soft and we continue to see chance of USD moving to 7.0600. A dip below this level is not ruled out but for today, 7.0550 is unlikely to come into the picture. Resistance is at 7.0730 followed by 7.0780.”
Next 1-3 weeks: “USD traded within relatively narrow range the last couple of days. For now, there is no change to our latest narrative from last Thursday (25 Jun, spot at 7.0760). As highlighted, USD is expected to trade sideways, likely within a broad 7.0400/7.1000 range for now.”
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.