USD/CNH now focused on 6.4800 – UOB

UOB Group’s FX Strategists noted USD/CNH could extend the upside to the 6.4800 level in the near term. Key Quotes 24-hour view: “Last Friday, we held  |  21/06/2021 08:52

UOB Group’s FX Strategists noted USD/CNH could extend the upside to the 6.4800 level in the near term.

Key Quotes

24-hour view: “Last Friday, we held the view that ‘while there is room for USD to move above the major resistance at 6.4660, it is unlikely able to maintain a foothold above this level’. Our expectation did not materialize as it eased off after touching 6.4640. Upward momentum has waned somewhat and this coupled with overbought conditions suggest that the risk for a sustained advance in USD is not high. For today, USD is expected to trade within a 6.4440/6.4660 range.”

Next 1-3 weeks: “There is not much to add to our update from last Friday (18 Jun, spot at 6.4530). As highlighted, ‘upward momentum is stronger than we anticipated and the next level to focus on above 6.4660 is at 6.4800’. The upside risk is deemed intact as long as USD does not move below 6.4270 (no change in ‘strong support’ level). Meanwhile, overbought shorter-term conditions could lead to a couple of days of consolidation first.”

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