USD/CNH: Further gains in the pipeline near term – UOB – by pabspiovano China Currencies Crosses Banks
challenge the 7.0000 level and beyond in the short-term horizon, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “While we expected USD to strengthen further yesterday, we were of the view that ‘the major resistance at 7.0000 is unlikely to come into view’. We noted, ‘Support is at 6.9650, followed by 6.9550’. Our view was not wrong as USD rose to 6.9898 before pulling back to a low of 6.9551.
Next 1-3 weeks: “There is no change in our view from yesterday . As highlighted, the strong boost in momentum from last Friday is likely to lead to further USD strength. The resistance levels to watch are at 7.0000 and 7.0200. On the downside, a break of 6.9220 would indicate that the USD strength that started early this month has ended.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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