Market news
17.05.2022, 09:11

USD/CNH: Short-term top in place? – UOB

USD/CNH’s uptrend seems to be running out of steam, commented Lee Sue Ann and Quek Ser Leang, FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD traded sideways between 6.7848 and 6.8206 yesterday before closing largely unchanged at 6.7965 (-0.06%). The movement appears to be part of a consolidation and further sideway-trading would not be surprising. Expected range for today, 6.7750/6.8150.”

Next 1-3 weeks: “n our latest narrative from last Thursday (12 May, spot at 6.8160), we highlighted that boost in momentum is likely to lead to further USD strength to 6.8500. USD rose to 6.8391 on Friday before pulling back. Upward momentum is beginning to wane and this coupled with overbought conditions has increased the risk of a short-term top. However, only breach of 6.7650 (no change in ‘strong support’ level) would indicate that the month-long rally in USD has finally come to an end.”

© 2000-2022. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at

Live Chat E-mail
Choose your language / location