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USD/CNH: All of the attention remains on 7.0000 UOB

Another key up barrier for USD/CNH remains at the 7.0000 level, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: Yesterday, we held the view that USD will probably consolidate between 6.9450 and 6.9850. Our view for consolidation had not been wrong despite the fact that USD traded inside a narrower range than expected (6.9510/6.9820) before closing largely unchanged at 6.9586 (+0.01%). Further consolidation appears likely, likely to be inside a selection of 6.9450/6.9750.

Next 1-3 weeks: Our view from two days ago (07 Sep, spot at 6.9770) still stands. As highlighted, following the recent strong surge in USD, all eyes are on 7.0000 now. Having said that, overbought shorter-term conditions may lead to a couple of days of consolidation first. Provided that 6.9300 (no change in strong support level from yesterday) isn’t breached, there’s still opportunity for USD to break 7.0000. A rest of the level would shift the focus to 7.0500.

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