USD/CNH now faces some consolidation – UOB – by pabspiovano China Currencies Crosses Banks
is now seen trading between 7.1300 and 7.2450, comment UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.24-hour view: Yesterday, we indicated that USD could rise to 7.2000. However, we were of the view that “a sustained rise above this level is unlikely.” USD rose more than expected as it soared to 7.2151 before pulling back. Despite the advance, upward momentum has not improved much, and USD is unlikely to strengthen much further.
Next 1-3 weeks: There is not much to add to our update from yesterday . As highlighted, the current price actions are likely part of a consolidation phase. For the time being, USD is likely to trade in a range of 7.1300/7.2450. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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