FX Strategists at UOB Group now sees the likeliness of USD/CNH to advance to the 6.5150 level in the next weeks.
Key Quotes
24-hour view: “After popping to a high of .5080 during early Asian hours on Friday, USD eased off and traded mostly sideways. The movement is viewed as part of a consolidation phase and USD is likely to trade sideways between 6.4600 and 6.4950.”
Next 1-3 weeks: “There is not much to add to our update from last Friday (26 Feb, spot at 6.4800). As highlighted, ‘upward momentum has been boosted’ and ‘there is room for USD to move towards 6.5150’. For now, there is no change to the ‘strong support’ level at 6.4400. A break of the ‘strong support’ would indicate the positive phase in USD that started more than a week ago has run its course.”
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