USD/CNH sticks to the consolidative phase – UOB – by pabspiovano China Currencies Crosses Banks
is predicted to keep the trade within 6.7400-6.8000 in the next few weeks comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “USD traded between 6.7574 and 6.7889 before closing at 6.7678 . The underlying tone has weakened somewhat and USD is likely to edge lower to 6.7550. The major support is at 6.7400 is unlikely to come under threat. Resistance is at 6.7780, followed by 6.7890.
Next 1-3 weeks: “Our latest narrative was from 18 Jan where USD “has entered a consolidation phase and will likely trade between 6.7205 and 6.8550 for the time being”. Our view for consolidation is not wrong even though USD traded within a narrower range than expected. We continue to expect USD to consolidate but the decreasedInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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