UOB Group’s FX Strategists urged USD/CNH may edge larger and go to the 6.4070 stage within the subsequent weeks.
24-hour view: “USD traded between 6.3867 and 6.3984 yesterday, narrower than our anticipated sideway-trading vary of 6.3800/6.4000. The underlying tone has improved considerably and the bias for at present is on the upside. A break of 6.4000 just isn’t dominated however the main resistance at 6.4070 is unlikely to come back beneath menace. Help is at 6.3890 adopted by 6.3840.”
Subsequent 1-Three weeks: “We’ve held the identical view since Monday (22 Nov, spot at 6.3920) the place ‘shorter-term momentum is starting to construct however any advance in USD is predicted to face strong resistance at 6.4070’. Nevertheless, USD has not been capable of make any headway on the upside. That stated, the underlying tone nonetheless seems to be a tad agency and we see likelihood for USD to edge larger to six.4070. On the draw back, a breach of 6.3750 would point out that the present delicate upward stress has dissipated.”
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