#USDCNH @ 7.09240 sticks to the mixed outlook so far – 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)]
In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, USD/CNH should keep the trade within the 7.100-7.2300 range for the time being.
24-hour view: “We highlighted yesterday that USD is unlikely to advance further and expected it to ‘trade between 7.2000 and 7.2500’. The subsequent outsized selloff came as a surprise as USD plunged to a low of 7.1347 before recovering. The rapid drop appears to be overdone and USD is unlikely to weaken much further. For today, USD is more likely to trade between 7.1300 and 7.2200.”
Next 1-3 weeks: “Our view from yesterday (29 Nov, spot at 7.2350) that “there is room for USD to test major resistance at 7.2800” was invalidated quickly as USD plummeted below our ‘strong support’ level of 7.1750 (low has been 7.1347). The choppy price actions have resulted in a mixed outlook and USD could trade within a broad range of 7.1000/7.2300 for the time being.”
[/s2If]
Join Our Telegram Group
