USD/CNH clings to the consolidative range so far

for the time being, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.24-hour view: Yesterday, we expected USD to trade sideways in a range of 7.3000/7.3200. USD then dropped to 7.3008 and then rose to a high of 7.3268. Despite the advance, upward momentum has only improved slightly. Today there is room for USD to rise, but any advance is unlikely to threaten the major resistance at 7.3400 . Support is at 7.3100, followed by 7.3000.

Next 1-3 weeks: We continue to hold the same view as last Thursday , wherein the recent downward pressure has faded, and USD is likely to trade in a range, probably between 7.2800 and 7.3400.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

USD/CNH clings to the ongoing consolidative moodUSD/CNH continues to point to further side-lined trade in the short-term horizon, suggest UOB Group’s Markets Strategist Quek Ser Leang and Senior FX
Source: FXStreetNews - 🏆 14. / 72 Read more »

NZD/USD risks further losses while below 0.5970NZD/USD could weaken further as long as it trades below the 0.5970 level, suggest Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chi
Source: FXStreetNews - 🏆 14. / 72 Read more »

USD/JPY: A move to 150 now appears on the horizonIn the view of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, USD/JPY now targets the key 150.00 region in the ne
Source: FXStreetNews - 🏆 14. / 72 Read more »

AUD/USD looks consolidative near termIn the opinion of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, AUD/USD seems to have now moved into a consolidat
Source: FXStreetNews - 🏆 14. / 72 Read more »

USD/IDR: Still scope for further gainsFurther upside momentum appears unchanged around USD/IDR, notes Markets Strategist Quek Ser Leang at UOB Group. Key Quotes We highlighted last Monday
Source: FXStreetNews - 🏆 14. / 72 Read more »