#USDCNH @ 6.88166 still seen within the range bound theme – UOB
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
Further side-lined trading is likely in USD/CNH for the time being, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.
24-hour view: “We indicated yesterday that ‘upward momentum is building but any advance in USD is expected to face solid resistance at 6.9000’. While USD rose, it eased off from a high of 6.8883. The price actions appear to be part of a consolidation phase and USD is likely to trade between 6.8600 and 6.8900 today.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (17 Apr, spot at 6.8820). As highlighted, there is no clear USD direction. For the time being, USD could trade in a relatively broad range of 6.8500/6.9250.”
[/s2If]
Join Our Telegram Group
