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.
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.
Info on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled with this page are for informational purposes only and really should not at all run into as a recommendation to get or sell in these assets. You need to do your personal thorough research prior to making any investment decisions. FXStreet will not at all guarantee that information is clear of mistakes, errors, or material misstatements. In addition, it will not guarantee that information is of a timely nature. Buying Open Markets involves a lot of risk, like the lack of all or perhaps a part of your investment, and also emotional distress. All risks, losses and costs connected with investing, including total lack of principal, are your responsibility. The views and opinions expressed in this post are those of the authors and don’t necessarily reflect the state policy or position of FXStreet nor its advertisers. The writer will never be held accountable for information that’s found at the finish of links posted with this page.
Or even otherwise explicitly mentioned in your body of this article, during writing, the writer does not have any position in virtually any stock mentioned in this post and no method of trading with any business mentioned. The writer have not received compensation for writing this short article, apart from from FXStreet.
FXStreet and the writer usually do not provide personalized recommendations. The writer makes no representations regarding the accuracy, completeness, or suitability of the information. FXStreet and the writer will never be responsible for any errors, omissions or any losses, injuries or damages due to this information and its own display or use. Errors and omissions excepted.
The writer and FXStreet aren’t registered investment advisors and nothing in this post will be investment advice.