- Analytics
- News and Tools
- Market News
- USD/CNH clings to the ongoing consolidative mood – UOB
USD/CNH clings to the ongoing consolidative mood – UOB
USD/CNH continues to point to further side-lined trade in the short-term horizon, suggest UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.
Key Quotes
24-hour view: We highlighted yesterday that “there is room for USD to advance, but it is unlikely to threaten the major resistance at 7.3400.” Our expectations did not materialise as USD traded sideways in a tight range between 7.3061 and 7.3162 before closing largely unchanged at 7.3100 (-0.08%). Momentum indicators are mostly neutral, and further sideways trading is likely. Expected range for today; 7.3000/7.3200.
Next 1-3 weeks: We continue to hold the same view as last Thursday (21 Sep, spot at 7.3150), wherein the recent downward pressure has faded, and USD is likely to trade in a range, probably between 7.2800 and 7.3400.
© 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
