USD/CNH: Extra consolidation remains on the cards – UOB – by pabspiovano China Currencies Crosses Banks
is expected to keep the 6.8500-6.9600 trading range unchanged for the time being.24-hour view: “Last Friday, we indicated that ‘the price actions are likely part of a broad consolidation range” and we expected USD to ‘trade between 6.8800 and 6.9300’. While our view for USD to consolidate was not wrong, it traded within a narrower range than expected . Momentumare mostly flat and further consolidation appears likely. Expected range for today, 6.8900/6.9250.
Next 1-3 weeks: “After USD plunged sharply to 6.8642, we held the view that ‘there is room for USD to weaken further but any decline is likely to face solid support at 6.8400’. USD has not been able to make any further headway on the downside and in our update from last Friday , we indicated that ‘the chance of a decline to 6.8400 has diminished’. USD subsequently traded in a quiet manner.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD faces further consolidation near term – UOBUOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang see EUR/USD navigating within the 1.0530-1.0700 range in the next few weeks. K
Read more »
GBP/USD expected to trade within 1.1925-1.2120 – UOBAccording to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBP/USD is expected to trade between 1.1925 and 1.2120 in the sh
Read more »
AUD/USD: Weak phase over? – UOBIn the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, AUD/USD has now likely moved into a consolidative range. Ke
Read more »
USD/JPY now faces some range bound trading – UOBThe upward bias in USD/JPY looks mitigated and is now expected to trade within the 134.50-137.10 range for the time being, suggest UOB Group’s Economi
Read more »
Religious Groups Are Challenging SCOTUS Ruling Against LGBTQ DiscriminationThe plaintiffs are seeking religious exemption from hiring LGBTQ employees. (Via Publicintegrity)
Read more »