USD/CNH: Further gains likely above 7.0000 – UOB – by pabspiovano China Currencies Crosses Banks
faces extra gains once 7.0000 is cleared, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We highlighted yesterday that ‘there is scope for USD to edge above 6.9600 but it is unlikely to be able to maintain a foothold above this level’. The anticipated advance exceeded our expectations as USD surged to a high of 6.9960. While overbought, the advance could edge above the major resistance at 7.0000.
is still positive but it has to break and stay above 7.0000 before further advance to 7.0200 is unlikely. The upside risk is intact as long as USD stays above 6.9140 .”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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