USD/CNH: Extra upside in store above 7.2000 – UOB – by pabspiovano China Currencies Banks Crosses
should remain in the pipeline while above the 7.2000 level, comment UOB Group’s Markets Strategist Quek Ser Leang and Senior Economist Alvin Liew.24-hour view: While we expected USD to advance yesterday, we held the view that it “is unlikely to break clearly above 7.1800.” However, USD broke above 7.1800 and rose to 7.1889. Upward momentum is building and today, USD could break above 7.2000 but it remains to be seen if it can maintain a foothold above this major resistance level.
Next 1-3 weeks: Last Friday , we held the view that the recent USD strength had ended and we expected it to trade between 7.0900 and 7.1800 for the time being. We did not expect USD to rise above 7.1800 so quickly . While upward momentum is building again, USD must break and stay above 7.2000 before further sustained advance is likely. Looking ahead, the next resistance above 7.2000 is at 7.2300. The likelihood of USD breaking clearly above 7.
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