USD/CNH keeps the positive outlook near term – UOB – by pabspiovano China Currencies Crosses Banks
in the short-term horizon, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We held the view yesterday that USD ‘could strengthen further but the next major resistance at 7.0500 is unlikely to come into view’. We added, ‘there is a minor resistance at 7.0200’. Our view was not wrong USD soared to 7.0225 before ending the day at 7.0110. While the sharp and swift rally appears to be overdone, there is room for the rally to extend to 7.0300 before easing.
Next 1-3 weeks: “There is no change in our view from yesterday . As highlighted, after breaking above 7.0000, thefor USD remains positive. The next level to watch is 7.0500. We will hold a positive USD view as long as it stays above 6.9750 . A break below 6.9750 would indicate the USD strength that started last Friday has eased.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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