USD/CNH faces extra gains above 6.5000 – UOB

Pablo Piovano FXStreet

USD/CNH is expected to gather extra upside traction once 6.5000 is cleared, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD traded in a quiet manner between 6.4815 and 6.4961 before closing little changed at 6.4884. Momentum indicators are mostly neutral and USD is likely to trade sideways for today, expected to be within a 6.4780/6.4950 range.”

Next 1-3 weeks: “The current movement is viewed as part of a consolidation and USD is likely to trade sideways for now. Looking ahead, the upside risk appears to be greater but USD has to close above 6.5000 before a sustained advance can be expected. The prospect for a sustained advance is not high for now but it would remain intact as long as USD does not move below 6.4680 within these few days.”

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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