USD/CNH faces a major hurdle at 7.1500 – UOB – by pabspiovano China Currencies Crosses Banks
is likely and is expected to meet a tough barrier around 7.1500 in the short-term horizon, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “Our view for USD to trade sideways in a range of 7.0700/7.0930 was incorrect. Instead of trading sideways, USD surged to 7.1093 before pulling back sharply to end the day modestly higher at 7.0899 . Despite the advance, there is only a slight increase in momentum.
Next 1-3 weeks: “We turned positive USD in the middle of the month when it was trading at a much lower level of 6.9580. As USD soared, in our most recent narrative from Monday , we highlighted that last Friday’s outside reversal day suggests the chance of USD rising further to 7.1200 is low. We added, ‘only a breach of 7.0500 would indicate that the USD strength has run its course’. Yesterday, USD surged to a fresh high of 7.1093.
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