USD/CNH: Upside bias intact above 6.8700 – UOB – by pabspiovano China Currencies Crosses Banks
appear unchanged while the pair trades above the 6.8700 level, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “Yesterday, we held the view that ‘there is room for USD to break above 6.9000 but the next major resistance level at 6.9300 is unlikely to come under threat’. Our view was not wrong as USD rose to 6.9080. Despite the advance, upward momentum has not improved much. Today, USD could edge higher to 6.9150; the major resistance at 6.
Next 1-3 weeks: “We have held a positive USD view since early this month. In our latest narrative from yesterday , we indicated that if USD were to break above 6.9000, the next level to monitor is at 6.9300. While USD took out 6.9000 as expected , upward momentum has not improved much. That said, the USD strength is intact as long as it stays above 6.8700 . Looking ahead, a breach of 6.9300 will shift the focus to 6.9500.
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