USD/CNH now moved into a consolidative range – UOB – by pabspiovano China Currencies Crosses Banks
is now likely trade within the 7.0900-7.18000 range, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: While we expected USD to advance yesterday, we were of the view that “a sustained rise above 7.2000 appears unlikely”. USD then rose to 7.1916 before staging a surprising sharp selloff to 7.1180. The sharp and swift drop is overdone and USD is unlikely to weaken further. Today, USD is more likely to trade in a range of 7.1200/7.1600.
Next 1-3 weeks: The USD strength that started late last week ended abruptly as after rising to a fresh high of 7.1916, it then plunged below our ‘strong support’ level of 7.1400 . The 7.1916 is likely an interim top and USD has likely moved into a consolidation phase. For the time being, USD is likely to trade between 7.0900 and 7.1800.Information on these pages contains forward-looking statements that involve risks and uncertainties.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CNH: Bets for a move above 7.2000 on the rise – UOBThere are rising chances for USD/CNH to break above the 7.2000 level in the near term, comment Economist Lee Sue Ann and Markets Strategist Quek ser L
Read more »
USD/CNH jumps past 7.1900 to refresh yearly top on downbeat China data, hawkish Fed haltUSD/CNH jumps past 7.1900 to refresh yearly top on downbeat China data, hawkish Fed halt – by anilpanchal7 USDCNY RetailSales RiskAversion Fed China
Read more »
China: PBoC cuts rates to support growth – UOBUOB Group’s Economist Ho Woei Chen, CFA, and Senior FX Strategist Peter Chia, review the latest decision by the PBoC. Key Takeaways The PBOC cuts the
Read more »
EUR/USD now looks at a test of 1.0900 – UOBEconomist Lee Sue Ann and Markets Strategist Quek ser Leang at UOB Group maintain the short-term positive outlook for EUR/USD. Key Quotes 24-hour view
Read more »
GBP/USD: Next on the upside comes 1.2790 – UOBIn the view of Economist Lee Sue Ann and Markets Strategist Quek ser Leang at UOB Group, further upside could now lift GBP/USD to the 1.2790 region in
Read more »
NZD/USD: Further gains appears on the table – UOBExtra upside could motivate NZD/USD to retest the 0.6260 region in the short-term horizon, note Economist Lee Sue Ann and Markets Strategist Quek ser
Read more »