- Analytics
- News and Tools
- Market News
- USD/CNH: Rising bets for a breakout of 6.8500 – UOB
USD/CNH: Rising bets for a breakout of 6.8500 – UOB
Further upside could now prompt USD/CNH to challenge the 6.8500 region in the short-term horizon, comment Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: “We highlighted yesterday that ‘the increase is upward momentum is likely to lead to further USD strength but 6.8500 could be out of reach today’. Our view was not wrong as USD rose to 6.8444 before pulling back. The pullback amid overbought conditions suggests USD is unlikely to advance further. Today, we expect USD to trade sideways, expected to be within a range of 6.8050/6.8350.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (13 Feb, spot at 6.8275). As highlighted, upward momentum is beginning to build and the likelihood of USD breaking above 6.8500 has increased. The next resistance level above 6.8500 remains at 6.8800. Overall, only a break of 6.7800 (no change in ‘strong resistance’ level) would indicate that 6.8500 is not coming into view.”
© 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
