- Analytics
- News and Tools
- Market News
- USD/CNH: Further upside could test 6.7440 – UOB
USD/CNH: Further upside could test 6.7440 – UOB
According to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, USD/CNH could now attempt a move to the 6.7440 region in the next weeks.
Key Quotes
24-hour view: “Our expectations for USD to ‘advance to 6.7200’ yesterday were incorrect it dropped to 6.6688 before rebounding strongly to close unchanged at 6.7000. The underlying tone still appears to firm and we see chance for USD to edge higher. However, a clear break of 6.7200 appears unlikely. Support is at 6.6850 followed by 6.6700.”
Next 1-3 weeks: “We continue to hold the same view as from yesterday (09 Jun, spot at 6.7030). As highlighted, there is scope for the short-term USD strength to extend to 6.7440. At this stage, a sustained rise above this level is unlikely. Overall, only a break of 6.6630 (no change in ‘strong support’ level from yesterday would indicate the current mild upward pressure has eased.”
© 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
