- Analytics
- News and Tools
- Market News
- USD/CNH: Upside momentum seen improving in the near term – UOB
USD/CNH: Upside momentum seen improving in the near term – UOB
A more serious advance in USD/CNH needs to break above the 6.9350 level in the short-term horizon, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: “Last Friday, we expected USD to trade in a range of 6.8700/6.8900. However, USD rose to a high of 6.9061 and then closed at 6.8974 (+0.18%). Upward momentum has improved a tad and USD is likely to trade with an upward bias. However, any advance is likely to face strong resistance at 6.9100. The major resistance at 6.9350 is not expected to come under threat. Support is at 6.8860, followed by 6.8780.”
Next 1-3 weeks: “Our update from last Thursday (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 (no change in level) is not taken out in the next 1-2 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
