USD/CNH sticks to the mixed outlook so far – UOB – by pabspiovano China Currencies Crosses Banks
24-hour view: “We highlighted yesterday that USD is unlikely to advance further and expected it to ‘trade between 7.2000 and 7.2500’. The subsequent outsized selloff came as a surprise as USD plunged to a low of 7.1347 before recovering. The rapid drop appears to be overdone and USD is unlikely to weaken much further. For today, USD is more likely to trade between 7.1300 and 7.2200.”
Next 1-3 weeks: “Our view from yesterday that “there is room for USD to test major resistance at 7.2800” was invalidated quickly as USD plummeted below our ‘strong support’ level of 7.1750 . The choppy price actions have resulted in a mixedInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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