USD/CNH: No changes to the consolidative phase – UOB
|FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang still see USD/CNH sticking to the 6.6600-6.7400 range for the time being.
Key Quotes
24-hour view: “Our view for USD to ‘trade between 6.6920 and 6.7250’ yesterday was incorrect as it plummeted to 6.6694 before rebounding. Despite the rapid decline, downward momentum has not improved by much. While there is scope for USD to weaken from here, a sustained decline below 6.6700 is unlikely. Resistance is at 6.6980 followed by 6.7100.”
Next 1-3 weeks: “Our update from yesterday (20 Jun, spot at 6.7080) still stands. As highlighted, the recent build-up in downward momentum has eased and USD is likely to trade between 6.6600 and 6.7400 for now. Looking ahead, a clear break of 6.6600 would indicate that USD is ready to head lower towards 6.6300.”
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.