USD/CNH sticks to the consolidative phase – UOB
|USD/CNH is predicted to keep the trade within 6.7400-6.8000 in the next few weeks comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: “USD traded between 6.7574 and 6.7889 before closing at 6.7678 (-0.31%). The underlying tone has weakened somewhat and USD is likely to edge lower to 6.7550. The major support is at 6.7400 is unlikely to come under threat. Resistance is at 6.7780, followed by 6.7890.”
Next 1-3 weeks: “Our latest narrative was from 18 Jan (spot at 6.7755) where USD “has entered a consolidation phase and will likely trade between 6.7205 and 6.8550 for the time being”. Our view for consolidation is not wrong even though USD traded within a narrower range than expected. We continue to expect USD to consolidate but the decreased volatility suggests it is likely to trade within a narrower range of 6.7400/6.8000.”
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.