USD/CNH: Support is at 6.9700 – UOB Group
Further sharp declines appear likely; support is at 6.9700. Not unreasonable to expect further US Dollar (USD) weakness, particularly when there are no significant support levels close by, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
USD/CNH to continue to trade lower
24-HOUR VIEW: “The sharp selloff that sent USD plunging yesterday took us by surprise (we were expecting consolidation). Not surprisingly, further USD weakness seems likely today. As the next support is some distance away at 6.9700, we could continue to see sharp declines today. On the upside, any short-term rebound is likely to remain below 7.0380 with minor resistance at 7.0200.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.