USD/CNH: Upside momentum exhausted? – UOB – by pabspiovano China Currencies Crosses Banks
could be running out of steam in the near term, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.24-hour view: “We expected USD to trade sideways between 6.8650 and 6.8880 yesterday. However, USD dropped to a low of 6.8548 before settling at 6.8586 . Despite the drop, there is no marked increase in downward momentum and USD is unlikely to weaken much further. Today, USD is more likely to trade in a range, expected to be between 6.8530 and 6.8800.
Next 1-3 weeks: “We have expected USD to strengthen since early this month. After USD exceeded our previous target of 6.8800, we highlighted last Friday that ‘thefor USD remains positive and the focus is at 6.9000’. Since then, USD has not been able to make any headway on the upside. Upward pressure has waned somewhat but only a break of 6.8480 would indicate that USD is not advancing further to 6.9000.
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