- Analytics
- News and Tools
- Market News
- USD/CNH risks a deeper pullback near term – UOB
USD/CNH risks a deeper pullback near term – UOB
According to UOB Group’s Markets Strategist Quek Ser Leang and Rates Strategist Victor Yong, USD/CNH could grind lower to the 7.1500 region in the short term.
Key Quotes
24-hour view: “The strong rebound in USD to 7.2686 came as a surprise (we were expecting USD to weaken further). We view the price movement as part of an on-going consolidation and expect USD to trade within a range of 7.2150/7.2650.”
Next 1-3 weeks: “We continue to hold the same view as yesterday (27 Oct, spot at 7.1870). As highlighted, the recent USD strength has ended. The large pullback on Wednesday has room to extend to 7.1500, possibly 7.1300. However, a break of 7.2850 (no change in ‘strong resistance’ level) would indicate that the pullback is not extending lower.”
© 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
