- Analytics
- News and Tools
- Market News
- USD/CNH faces a tough barrier at the 6.9300 level – UOB
USD/CNH faces a tough barrier at the 6.9300 level – UOB
According to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, USD/CNH is expected to meet a solid up barrier at the 6.9300 level in the near term.
Key Quotes
24-hour view: “Yesterday, we highlighted that USD could continue to advance but we indicated, ‘overbought conditions suggest a break of 6.8800 is unlikely’. Our view was not wrong as USD rose to 6.8800. USD traded on a firm note in early Asian trade and edged above 6.8800. Further USD gains are likely but the next major resistance at 6.9000 may be out of reach today. Support is at 6.8650, a breach of 6.8570 would indicate that USD is not advancing further.
Next 1-3 weeks: “We highlighted yesterday that ‘the outlook for USD is still positive’. We added, ‘a break of 6.8800 will shift the focus to 6.9000’. USD edged above 6.8800 in early Asian trade. Not surprisingly, the outlook for USD remains positive and the focus now is at 6.9000. Looking ahead, the next major level above 6.9000 is at 6.9300. Overall, only a break of 6.8360 (‘strong support’ level was at 6.8250 yesterday) would indicate that the USD strength that started earlier this month has come to an end.”
© 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
