USD/CNH remains stuck within the 6.6600-6.7400 range – UOB
|No changes to the consolidation theme around USD/CNH in the near term, commented FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “We highlighted yesterday that ‘momentum indicators are neutral’ and we expected USD to ‘trade sideways within a range of 6.6900/6.7200’. Our view for sideway trade sideways was not wrong even though USD traded within a narrower range than expected (6.6902/6.7116). Further sideway-trading still appears likely, expected to be within a range of 6.6850/6.7080.”
Next 1-3 weeks: “We have expected USD to trade sideways between 6.6600 and 6.7400 since last Monday (20 Jun, spot at 6.7080). While shorter-term downward momentum has improved somewhat, there is no change in our view for now.”
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.