USD/CNH still seen within the 6.6500-6.7500 range – UOB

FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang noted USD/CNH is expected to keep its consolidative mood between 6.6500 and 6.7500 in the n  |  26/05/2022 08:23

FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang noted USD/CNH is expected to keep its consolidative mood between 6.6500 and 6.7500 in the next weeks.

Key Quotes

24-hour view: “We expected USD to trade sideways yesterday. However, USD surged to a high of 6.7220 before pulling back. The rapid rise appears to be running ahead of itself and USD is unlikely to strengthen further. For today, USD is more likely to consolidate and trade between 6.6700 and 6.7200.”

Next 1-3 weeks: “USD soared and took out our ‘strong resistance’ level at 6.7100 yesterday (high of 6.7220). The break of the ‘strong resistance’ level indicates that the downward pressure that started about a week ago has eased. The current movement appears to be part of a consolidation phase and USD is likely to trade between 6.6500 and 6.7500.”

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com