UOB Group’s FX Strategists see the upside in USD/CNH meeting solid hurdle at the 6.4150 level in the near-term.
Key Quotes
24-hour view: “USD rose to 6.4020 yesterday before closing on a relatively firm note at 6.4005 (+0.24%). Despite the advance, upward momentum has not improved by much and USD is unlikely to strengthen much further. For today, USD is more likely to trade between 6.3900 and 6.4050.”
Next 1-3 weeks: “While shorter-term momentum has not improved by much, the underlying tone for USD appears to be firm and the bias is for USD to edge higher. That said, any advance is expected to face solid resistance at 6.4150. On the downside, a break of 6.3750 would indicate that the current mild upward pressure has eased.”
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