- Analytics
- News and Tools
- Market News
- USD/CNH: A sustained upside is seen above 7.2380 – UOB
USD/CNH: A sustained upside is seen above 7.2380 – UOB
Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group expect USD/CNH to advance on a sustainable fashion once 7.2380 is cleared.
Key Quotes
24-hour view: “We did not expect the sharp surge in USD to 7.2379 and the equally sharp drop from the high. The large but short-lived swings have resulted in a mixed outlook and USD could trade between 7.1600 and 7.2200 for the time being.”
Next 1-3 weeks: “We held the view yesterday that the risk is on the upside but USD has to break clearly above 7.2200 before further advance is likely. While USD broke clearly above 7.2200 in NY trade, it dropped back sharply from a high of 7.2379. Further USD strength is not ruled out but 7.2380 is acting as a solid resistance now and USD has to break this level before a sustained rise is likely. Overall, only a breach of 7.1400 (‘strong support’ was at 7.1250 yesterday) would indicate that the upside risk has subsided.”
© 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
