USD/CNH: Downward momentum is beginning to slow – UOB Group
The US Dollar (USD) is likely to trade in a 7.0010/7.0350 range. In the longer run, downward momentum is beginning to slow; if USD breaches 7.0350, it would suggest that it could trade in a range for a period, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Likely to trade in a 7.0010/7.0350 range
24-HOUR VIEW: “After USD rebounded on Monday, we indicated yesterday (Tuesday) that USD could continue to rebound, but it does not appear to have enough momentum to threaten the strong resistance at 7.0350.’ In line with our expectations, USD rebounded, even though it almost broke above 7.0350 (high has been 7.0350). Despite the advance, there has been no significant increase in momentum, and instead of continuing to rise, USD is more likely to trade in a 7.0010/7.0350 range today.”
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.