- Analytics
- News and Tools
- Market News
- USD/CNH faces extra range bound – UOB
USD/CNH faces extra range bound – UOB
The continuation of the consolidation theme in USD/CNH appears the most likely scenario in the short-term horizon, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: The strong advance in USD that sent it to a high of 7.2649 came as a surprise (we were expecting it to dip to 7.2080). The rapid rise appears to be overdone but with no signs of weakness just yet, USD could test the resistance at 7.2800 before a pullback is likely. On the downside, a breach of 7.2350 (minor support is at 7.2470) would indicate that the current mild upward pressure has faded.
Next 1-3 weeks: There is no change in our update from yesterday (05 Jul, spot at 7.2280). As highlighted, the recent USD strength has ended USD is likely to trade in a range 7.1800/7.2800 for now.
© 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
