USD/CNH remains focused on 6.3300 – UOB

“Yesterday, we highlighted that USD ‘is unlikely to strengthen much further’ and that we expected it to ‘trade sideways between 6.3680 and 6.3880’. USD subsequently traded within a variety of 6.3770/6.3910 before closing little changed at 6.3841 (+0.01%). the present movement is viewed as a part of a consolidation phase and for today; USD is probably going to trade within a 6.3720/6.3900 range.”

Next 1-3 weeks: “There isn’t much to feature to our update from Tuesday (01 Jun, spot at 6.3670). As highlighted,’while the main target is at 6.3300 now, oversold conditions suggest that this level might not inherit the image so soon’. All in, only a breach of the 6.4000 (no change in ‘strong resistance’ level) would indicate that the weakness in USD that started earlier last week has run its course.”

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 will not in any way encounter as a recommendation to shop for or sell in these assets.

admin

Read Previous

EUR/USD set to extend its falls as taper talk pushes dollar higher

Read Next

NZD/USD Price Analysis: Bearish impulse stays intact below 0.7185

Leave a Reply

Your email address will not be published. Required fields are marked *