UOB suggests that there is a renewed inclination towards upside movement in regards to USDCNH, currently situated at 7.15924.
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Extra gains in USD/CNH could initially extend to the 7.1800 region, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
24-hour view: Yesterday, we noted that “while the risk is on the upside, any advance is unlikely to break above 7.1800”. While USD strengthened, it rose less than expected (high of 7.1600). The risk for USD still appears to be on the upside even though lackluster momentum continues to suggest 7.1800 is unlikely to come into view. Support is at 7.1500, followed by 7.1400.
Next 1-3 weeks: There is not much to add to our update from yesterday (12 Jun, spot at 7.1520). As highlighted, “while upward momentum has been rejuvenated, it remains to be seen if USD has enough momentum to rise to 7.1800 and 7.2000”. On the downside, a break of 7.1220 (‘strong support’ level previously at 7.1100) would indicate that the USD strength from late last week has run its course.
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