USD/CNH: Bets for a move above 7.2000 on the rise – UOB – by pabspiovano China Banks Currencies Crosses
to break above the 7.2000 level in the near term, comment Economist Lee Sue Ann and Markets Strategist Quek ser Leang at UOB Group.24-hour view: Our expectation for USD to break 7.1800 yesterday did not materialize as it traded in a range of 7.1512/7.1785. However, USD broke above 7.1800 in early Asian trade today. The price actions suggest USD is likely to advance, even though a sustained rise above 7.2000 appears unlikely. On the downside, a breach of 7.
Next 1-3 weeks: We continue to hold the same view as yesterday . As highlighted, upward momentum has increased and the chance of USD breaking above 7.2000 has improved. Looking ahead, the next level to watch above 7.2000 is 7.2200. On the downside, a break of 7.1400 would indicate that USD is not strengthening further. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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