USD/CNH: Solid resistance comes at the 7.0000 region – UOB – by pabspiovano China Currencies Crosses Banks
, although it is expected to meet a solid hurdle around the 7.0000 region, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “We did not anticipate the strong rise in USD to 6.9520 yesterday . While the sharp advance appears to be running ahead of itself, there is scope for USD to edge above 6.9600. However, USD is unlikely to be able to maintain a foothold above this level. On the downside, a breach of 6.
Next 1-3 weeks: “Yesterday , we indicated that USD is likely to trade in a broad range of 6.8500/6.9600. USD rose to a high of 6.9520 in NY trade and upward momentum appears to be building. USD is likely to trade with an upward bias but any advance is likely to encounter solid resistance at 7.0000. The upside bias is intact as long as USD does not break the ‘strong support’ level, currently at 6.9000.
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