- Analytics
- News and Tools
- Market News
- USD/CNH: Gains expected to accelerate above 6.9350 – UOB
USD/CNH: Gains expected to accelerate above 6.9350 – UOB
In the view of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, USD/CNH could see its upside gather extra impulse on a breakout of the 6.9350 level.
Key Quotes
24-hour view: “We highlighted yesterday that USD ‘could retest the 6.9100 level before a more sustained pullback is likely’. However, USD traded in a relatively quiet manner between 6.8745 and 6.9026. The price actions appear to be part of a consolidation and today, we expect USD to trade in a range of 6.8700/6.9000.”
Next 1-3 weeks: “Our update from yesterday (20 Apr, spot at 6.8920) still stands. As highlighted, upward momentum is beginning to improve but USD has to break and stay above 6.9350 before a sustained rise is likely. The chance of USD breaking clearly above 6.9350 is not high for now but it will remain intact as long as the ‘strong support’ level at 6.8600 is not taken out in the next few days."
© 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
