fxs_header_sponsor_anchor

News

USD/CNH: Door open to a test of 6.7100 – UOB

FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang hint at the possibility that USD/CNH could drop to 6.7100 in the short term.

Key Quotes

24-hour view: “Yesterday, USD dropped sharply to 6.7163 before rebounding to close at 6.7235 (-0.45%). The rebound amidst oversold conditions suggests USD is unlikely to weaken further. For today, USD is more likely to trade between 6.7200 and 6.7500.”

Next 1-3 weeks: “Our latest narrative was from last Wednesday (03 Aug, spot at 6.7750) where USD is likely to trade between 6.7350 and 6.8000. Yesterday (10 Aug), USD cracked the support at 6.7350 and plummeted to a low of 6.7163. The rapid build-up in downward momentum suggests USD could weaken further to 6.7100. Only a break of 6.7650 (‘strong resistance’ level) would indicate that USD is unlikely to weaken further.”

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. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.