- Analytics
- News and Tools
- Market News
- USD/CNH could now revisit the 7.3500 region – UOB
USD/CNH could now revisit the 7.3500 region – UOB
Further advance could see USD/CNH testing the 7.3500 zone in the short-term horizon according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: Yesterday, we held the view that USD “is likely to rise further even though it is unlikely to reach 7.3500.” We indicated that “there is another resistance at 7.3300.” USD did not rise much further as it rose to 7.3278, dropped to 7.3000, and then closed at 7.3198 (+0.19%). While there is no further improvement in momentum, we continue to expect USD to rise further. However, 7.3500 is still likely out of reach today. On the downside, if USD breaks below 7.3050, it would indicate that the current upward pressure has faded.
Next 1-3 weeks: We maintain our view from yesterday (06 Sep, spot at 7.3100), wherein the risk for USD has shifted to the upside towards 7.3500. The upside risk is intact as long as USD stays above 7.2800.
© 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
