USD/CNH: Extra gains likely above 7.0850 – UOB – by pabspiovano China Currencies Banks Crosses
seems favoured while above the 7.0850 level, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “While we expected USD to strengthen further yesterday, we were of the view that ‘it is unlikely to break clearly above 7.
1200’. In other words, we did not anticipate the strong surge that sent USD to a high of 7.1345. Today, there is room for USD to advance further but severely overbought conditions suggest it is highly unlikely to break above the major resistance at 7.1500 . On the downside, a breach of 7.1000 would indicate that the current upward pressure has faded.” Next 1-3 weeks: “Yesterday , we highlighted that ‘upward momentum has increased albeit not much’. We added, ‘the chance of USD breaking above 7.1200 has increased as well’. That said, we did not quite expect USD to quickly break above 7.1200 and soar to a high of 7.1345. Conditions are severely overbought but as long as 7.0850 is not breached, the USD strength that started in the middle of last month has a chance to extend to 7.1500.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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