USD/CNH: Unlikely to break the support at 6.9520 – UOB Group
|US Dollar (USD) could edge lower but is unlikely to break the support at 6.9520. In the longer run, USD remains neutral but is now expected to trade in a lower range of 6.9520/6.9900, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note.
USD/CNH is expected to trade in a lower range of 6.9520/6.9900
24-HOUR VIEW: "We expected USD to 'trade in a range between 6.9650 and 6.9770' yesterday. However, after rising to 6.9738, USD dropped to a low of 6.9614. The decline has resulted in a slight increase in downward momentum. Today, USD could edge lower, but it is unlikely to break the support at 6.9520. On the upside, resistance levels are at 6.9680 and 6.9750."
1-3 WEEKS VIEW: "We have held a neutral USD view since last week. In our latest narrative from Tuesday (13 Jan, spot at 6.9710), we stated that USD 'remains neutral but is now expected to trade in a lower range of 6.9520/6.9900'. Our view remains unchanged."
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.