#USDCNH @ 6.80230 : Extra upside likely while above 6.7400 – UOB
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According to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, the positive bias in USD/CNH appears unchanged while above the 6.7400 level.
24-hour view: “Our expectation for USD to continue to rise did not materialize as it traded between 6.7784 and 6.8320 before closing largely unchanged at 6.8037 (+0.04%). The price actions appear to be consolidative and USD is likely to trade sideways. Today’s expected range is 6.7800/6.8200.”
Next 1-3 weeks: “We highlighted yesterday (06 Feb, spot at 6.8200) that while short-term conditions are deeply overbought, as long as the ‘strong support’ level, currently at 6.7400 is not breached, USD could rise further to 6.8500, as high as 6.8800. We continue to hold the same view.”
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