USDCNH: Further consolidation in the pipeline – UOB

Pablo Piovano FXStreet

USDCNH continues to be seen within the 7.0600-7.2100 range in the short-term horizon, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: “We expected USD to ‘trade sideways between 7.1200 and 7.1700’ last Friday. USD subsequently traded within a range of 7.1143/7.1615. The underlying tone has firmed somewhat and we expect USD to edge higher today. However, any advance is expected to face strong resistance at 7.1620. Support is at 7.1300, a breach of 7.1150 would indicate the current mild upward pressure has eased.”

Next 1-3 weeks: “We continue to hold the same view as last Friday (18 Nov, spot at 7.1460) where USD has likely moved into a consolidation phase. We expect USD to trade sideways for now, likely to be between 7.0600 and 7.2100.”

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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