USD/CNH: Downward bias alleviated above 6.9300 – UOB – by pabspiovano China Currencies Crosses Banks
is expected to mitigate on a breakout of 6.9300, said UOB Group Quek Ser Leang and Senior FX Strategist Peter Chia.24-hour view: “We highlighted yesterday that USD ‘appears to have moved into a consolidation phase and it is likely to trade between 6.8650 and 6.9050’. USD subsequently traded between 6.8722 and 6.9139 before closing slightly higher at 6.8940 . While the underlying tone has firmed somewhat, the price movements still appear to be consolidative.
Next 1-3 weeks: “After USD fell sharply on Monday, we highlighted on Tuesday that the ‘impulsive drop in USD is likely to continue’. However, USD has not been able to make any further headway on the downside. While the downside risk has decreased, only a break of 6.9300 would indicate that USD is not weakening further. Looking ahead, support level is at 6.8350.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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