There is the possibility of some consolidation in USD/CNH before a probable resumption of the upside pressure, argue Markets Strategist Quek Ser Leang
before a probable resumption of the upside pressure, argue Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.24-hour view: We expected USD to trade in a range of 7.2920/7.3300 yesterday. We did not anticipate the spike in volatility as USD rose to 7.3360, plummeted to 7.2780 before closing at 7.2893 . The rapid drop from the high appears to be overdone, and USD is unlikely to weaken much further. Today, USD is more likely to trade sideways in a range of 7.2700/7.
Next 1-3 weeks: Our view from yesterday still stands. As highlighted, USD could consolidate for a few days before breaking above last week’s high of 7.3490. However, if USD breaks below 7.2500 , it would suggest that USD is not advancing further. Information on these pages contains forward-looking statements that involve risks and uncertainties.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
USD/CNH bulls cross 7.3200 on PBoC action, cautious optimism ahead of Jackson Hole eventUSD/CNH takes the bids to refresh intraday high after the People’s Bank of China (PBoC) announced rate cuts early Monday. Adding strength to the offsh
Baca lebih lajut »
USD/CNH: Consolidation ahead of extra gains?USD/CNH could face some consolidative period ahead of the resumption of the uptrend according to UOB Group’s Economist Lee Sue Ann and Markets Strateg
Baca lebih lajut »
USD/CNH may pressure back the YTD highs at 7.35Chinese banks lowered the 1-year Loan Prime Rate (LPR) by 10 bps and left the 5-year LPR unchanged. Economists at TD Securities analyze USD/CNH outloo
Baca lebih lajut »
USD/CNH: Yuan drops below 7.2900 on PBoC moves, multi-year high US-China yield gapUSD/CNH rebounds from a one-week low, marked earlier in the day, as it picks up bids to 7.2880 as markets in China opens for Tuesday. In doing so, the
Baca lebih lajut »
Morning Bid: China to cut rates, but will it 'go big'?A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.
Baca lebih lajut »
EUR/USD: Downside momentum loses tractionIn the view of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, the downward momentum in EUR/USD appears to be dwin
Baca lebih lajut »