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- USD/CNH: Outlook still remains positive – UOB
USD/CNH: Outlook still remains positive – UOB
FXStreet reports that FX Strategists at UOB Group said that the outlook for USD/CNH is expected to remain constructive as long as it trades above the 6.4200 level.
Next 1-3 weeks: “One week ago, we held the view ‘the current rebound in USD could extend to 6.4500’. As USD advances, we noted in our latest narrative from last Friday (19 Feb, spot at 6.4580) that ‘outlook for USD is still positive’ and ‘the next resistance level of note is at 6.4920’. USD rose to 6.4760 yesterday before easing off. Shorter-term momentum has waned somewhat but there is no change in our view for now. Only a break of 6.4200 (no change in ‘strong support’ level) would indicate that 6.4920 is out of reach this time round.”
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