- Analytics
- News and Tools
- Market News
- USD/CNH: 2-way risks – OCBC
USD/CNH: 2-way risks – OCBC
The NDRC press conference appears to run short on details with regards to stimulus measures. USD/CNH was last at 7.0582, OCBC’s FX strategist Christopher Wong notes.
Bullish momentum on daily chart intact
“Hopes were raised but the delivery was disappointing. Post-opening rally in Chinese equities has partially fizzled out as the lack of followthrough is a setback to sentiments, and CNH-sensitive FX, including AUD, KRW, MYR.”
“Near term, USD/CNH should continue to face 2-way risks as markets digest 1/ the disappointment over the lack of details on China stimulus; 2/ monitor daily fix for a sense of how comfortable policymakers may be with RMB’s recent price action; 3/ potential return of US exceptionalism and ahead of US elections (potentially supportive of USD).”
“Bullish momentum on daily chart intact which RSI rose. Support at 7.0320 levels. Resistance at 7.11 (50 DMA).”
© 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
