USD/CNH: No changes to the mixed outlook – UOB
|USD/CNH is still seen navigating the 6.6500-6.8000 range in the next few weeks, noted FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “Our view for USD to “trade within a range of 6.6590/6.6880” was incorrect as it rose to a high of 6.7132 before pulling back. The underlying tone has firmed and USD could edge higher but is unlikely to break the resistance at 6.7350. Support is at 6.6900 followed by 6.6750.”
Next 1-3 weeks: “There is no change in our view from Monday (30 May, spot at 6.7200). As highlighted, the recent choppy price actions have resulted in a mixed outlook and USD could trade within a broad range of 6.6500/6.8000 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.