USD/CNH faces extra gains above 6.5000 – UOB

Pablo Piovano FXStreet

According to FX Strategists at UOB Group, USD/CNH is expected to accelerate gains if the 6.5000 level is cleared in the near term.

Key Quotes

24-hour view: “USD traded between 6.4670 and 6.4820 yesterday, narrower than our expected range of 6.4660/6.4870. The movement is still viewed as part of a consolidation even though the slightly firmed underlying tone suggests a higher trading range of 6.4700/6.4900.”

Next 1-3 weeks: “Our view from Monday (12 Jul, spot at 6.4810) still stands. As highlighted, the current movement is viewed as part of a consolidation phase and USD could trade within a 6.4600/6.5000 range for a period of time. Looking ahead, a sustained advance is likely only if USD closes above 6.5000.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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