FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang noted USD/CNH is expected to keep its consolidative mood between 6.6500 and 6.7500 in the next weeks.
24-hour view: “We expected USD to trade sideways yesterday. However, USD surged to a high of 6.7220 before pulling back. The rapid rise appears to be running ahead of itself and USD is unlikely to strengthen further. For today, USD is more likely to consolidate and trade between 6.6700 and 6.7200.”
Next 1-3 weeks: “USD soared and took out our ‘strong resistance’ level at 6.7100 yesterday (high of 6.7220). The break of the ‘strong resistance’ level indicates that the downward pressure that started about a week ago has eased. The current movement appears to be part of a consolidation phase and USD is likely to trade between 6.6500 and 6.7500.”
© 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.