USD/CNH still faces firm contention around 6.8350 – UOB – by pabspiovano China Currencies Crosses Banks
should meet initial support around 6.8350 ahead of 6.8000, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We expected further USD weakness yesterday but we were of the view that deeply oversold conditions could ‘limit’ any further losses to 6.8350. USD did not weaken further as it rebounded from a low of 6.8510. USD appears to have moved into a consolidation phase and it is likely to trade between 6.8650 and 6.9050 today.
Next 1-3 weeks: “We highlighted yesterday that the impulsive drop in USD is likely to continue. There is no change in our view. Only a breach of 6.9300 would invalidate our view. Looking ahead, support levels are at 6.8350, followed by 6.8000.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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