USD/CNH: Rising bets for a breakout of 6.8500 – UOB – by pabspiovano China Currencies Crosses Banks
According to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, chances for24-hour view: “We expected USD to trade within a range of 6.8050/6.8350 yesterday. USD swung between 6.8062 and 6.8400 in NY trade before settling at 6.8369 . Despite the volatile price actions, the underlying tone has firmed somewhat and USD is likely to edger higher. That said, a break of the major resistance at 6.8500 is unlikely today. Support is at 6.8260, followed by 6.8130.
Next 1-3 weeks: “There is not much to add to our update from Monday . As highlighted, upward momentum is beginning to build and the likelihood of USD breaking above 6.8500 has increased. The next resistance level above 6.8500 remains at 6.8800. Overall, only a break of 6.7800 would indicate that 6.8500 is not coming into view.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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