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FX Strategists at UOB Group now suggested USD/CNH could advance further and reach the 7.1700 area.

Key Quotes

24-hour view: “The sudden jump in USD came as a surprise. Upward momentum remains strong and USD could advance to 7.1400. Support is at 7.0650.”

Next 1-3 weeks: “We have held the same view since last Friday (13 Mar, spot at 7.0200) wherein ‘further USD strength is likely’ and ‘a break of last month’s 7.0567 peak could lead to a move towards 7.0865’. USD took out 7.0567 in a hurry and jumped to a high of 7.0913. The movement is view as the start of the next up-leg in USD. From here, USD could move to 7.1700. Yesterday’s low of 7.0180 is expected to come into the picture, at least for several days if not longer. On a shorter-term note, 7.0500 is already a solid support.”