USD/CNH: Upside momentum seen improving in the near term – UOB – by pabspiovano China Currencies Crosses Banks
needs to break above the 6.9350 level in the short-term horizon, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “Last Friday, we expected USD to trade in a range of 6.8700/6.8900. However, USD rose to a high of 6.9061 and then closed at 6.8974 . Upward momentum has improved a tad and USD is likely to trade with an upward bias. However, any advance is likely to face strong resistance at 6.9100. The major resistance at 6.
Next 1-3 weeks: “Our update from last Thursday still stands. As highlighted, upward momentum is beginning to improve but USD has to break and stay above 6.9350 before a sustained rise is likely. The chance of USD breaking clearly above 6.9350 is not high for now but it will remain intact as long as the ‘strong support’ level at 6.8600 is not taken out in the next 1-2 days.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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