USD/CNH still faces strong contention around 6.8500 – UOB – by pabspiovano China Currencies Crosses Banks
are unlikely to breach the key 6.8500 region for the time being, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We highlighted yesterday that ‘momentum indicators are mostly flat’ and expected USD ‘trade sideways in a range of 6.9100/6.9350’. Our view for USD to trade sideways was not wrong even though it traded in a narrower range than expected .
Next 1-3 weeks: “There is no change in our view from last Friday . As highlighted, USD could continue to weaken but short-term conditions are deeply oversold and the chance of it breaking the formidable support at 6.8500 is low for now. Overall, USD is likely to trade under pressure for now unless it can break above the ‘strong resistance’ at 6.9400 .”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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