USD/CNH: Extra gains likely above 7.0850 – UOB – by pabspiovano China Currencies Banks Crosses
seems favoured while above the 7.0850 level, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “While we expected USD to strengthen further yesterday, we were of the view that ‘it is unlikely to break clearly above 7.1200’. In other words, we did not anticipate the strong surge that sent USD to a high of 7.1345.
Next 1-3 weeks: “Yesterday , we highlighted that ‘upward momentum has increased albeit not much’. We added, ‘the chance of USD breaking above 7.1200 has increased as well’. That said, we did not quite expect USD to quickly break above 7.1200 and soar to a high of 7.1345. Conditions are severely overbought but as long as 7.0850 is not breached, the USD strength that started in the middle of last month has a chance to extend to 7.1500.
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