USD/CNH sticks to the consolidative theme – UOB
|USD/CNH is likely to trade within the 6.5400-6.5800 range in the next weeks, commented FX Strategists at UOB Group.
Key Quotes
24-hour view: “USD dipped to 6.5513 last Friday, rebounded to 6.5702 before easing off. The underlying tone has firmed somewhat and USD could rise above 6.5700. The next resistance at 6.5800 is unlikely to come into the picture. Support is at 6.5550 followed by 6.5500.”
Next 1-3 weeks: “In our latest narrative from last Thursday (08 Apr, spot at 6.5530), we expected the ‘corrective pullback in USD to extend lower to 6.5150’. Our view was proven incorrect as USD edged a couple of pips above our ‘strong resistance’ level at 6.5700 (high of 6.5702 last Friday). The current movement is viewed as part of a consolidation and USD is expected to trade between 6.5400 and 6.5800 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.