- Analytics
- News and Tools
- Market News
- USD/CNH still faces firm contention around 6.8350 – UOB
USD/CNH still faces firm contention around 6.8350 – UOB
The resumption of the downside in USD/CNH should meet initial support around 6.8350 ahead of 6.8000, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: “We expected further USD weakness yesterday but we were of the view that deeply oversold conditions could ‘limit’ any further losses to 6.8350. USD did not weaken further as it rebounded from a low of 6.8510. USD appears to have moved into a consolidation phase and it is likely to trade between 6.8650 and 6.9050 today.”
Next 1-3 weeks: “We highlighted yesterday (14 Mar, spot at 6.8600) that the impulsive drop in USD is likely to continue. There is no change in our view. Only a breach of 6.9300 (no change in ‘strong resistance’ level) would invalidate our view. Looking ahead, support levels are at 6.8350, followed by 6.8000.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
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.
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 teletrade.org. 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 pr@teletrade.global.
Bank transfers
