UOB suggests that there is a possibility of a further decline in the short term for USDCNH, currently trading at 7.14189.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER 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_level1)]
- EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
- EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group
UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang noted that the downside pressure in USD/CNH has increased.
Key Quotes
24-hour view: Yesterday, we held the view that USD could test 7.1240 before stabilising. USD did not test 7.1240, but traded sideways in a range of 7.1370/7.1636. The underlying tone still appears to be soft, and we continue to hold the view that USD could test 7.1240. Resistance is at 7.1550, followed by 7.1600.
Next 1-3 weeks: After USD plummeted to a low of 7.1259, we highlighted yesterday (26 Jul, spot at 7.1465) that “downward momentum has increased, and there is room for USD to weaken further.” We added, “it is worth noting that there are a couple of strong support levels at 7.1240 and 7.1000.” We continue to hold the same view. The downside risk is intact as long as USD stays below 7.2000 (no change in ‘strong resistance’ level).
[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.
