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Chinese Yuan: Range trade holds with bullish tone against US Dollar – UOB
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FXStreet Forex & Commodities News
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann see USD/CNH confined to a narrow intraday range, with flat momentum suggesting consolidation between 6.7450 and 6.7550.
Their 1–3 week view still anticipates the Dollar edging lower toward 6.7300 while 6.7640 caps the upside, and over 1–3 months a sustained recovery requires a break above the 21-week EMA at 6.8430.
Dollar seen consolidating in tight band"24-HOUR VIEW: Following Wednesday’s price movements, we highlighted the following yesterday: “Despite the quiet price action, the underlying tone appears to be soft, and there is a chance for USD to test 6.7420.
On the upside, resistance is at 6.7550.”
However, we were of the view that USD “could continue to edge lower toward 6.7300 as long as 6.7640 (‘strong resistance’ level) is not breached.”