- Analytics
- News and Tools
- Market News
- USD/CNH clings to the range bound scheme so far – UOB
USD/CNH clings to the range bound scheme so far – UOB
UOB Group’s FX Strategists noted USD/CNH faces extra consolidation in the near term, likely between 6.3450 and 6.4000.
Key Quotes
24-hour view: “Our expectations for USD to ‘advance to 6.4000’ did not materialize as it traded between 6.3798 and 6.3931 before closing little changed at 6.3840 (-0.09%). The underlying tone has softened and the bias is on the downside. However, any weakness is unlikely to break 6.3700. Resistance is at 6.3850 followed by 6.3900.”
Next 1-3 weeks: “Yesterday (24 Mar, spot at 6.3890), we highlighted that the bias for USD on the upside but the chance for a clear break of 6.4105 is not high. We added, “a breach of the ‘strong support’ level at 6.3730 would indicate that the build-up in momentum has fizzled out”. While our ‘strong support’ level is not breached, the build-up is momentum has fizzled out. In other words, USD is not ready to head higher and is likely to trade between 6.3450 and 6.4000 for now.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
