USD/CNH now favours some side-lined trade – UOB – by pabspiovano China Currencies Crosses Banks
could now face some consolidation, likely within 6.8100-6.9200.24-hour view: “We expected USD to trade in a range of 6.8150/6.8500 last Friday. However, it soared to a high of 6.8843 before closing on a strong note at 6.8717 . While the rapid rise is overbought, the risk for USD is still on the upside. That said, any advance is unlikely to break 6.9000. Support is at 6.8570, followed by 6.8400.”
Next 1-3 weeks: “We have expected a weaker USD for more than a week. In our most recent narrative from last Friday , we indicated that while USD could weaken further, any decline is expected to face strong support at 6.8000. We added, ‘The downside risk is intact as long as it stays below 6.8710’. We did not anticipate the strong bounce in London trade that sent USD soaring to a high of 6.8843. The breach of our ‘strong resistance’ level at 6.
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