Extra gains in USD/CNH are likely on a breakout of the 6.9350 region in the near term, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: “We expected USD to trade with an upward bias yesterday but we held the view that ‘any advance is likely to face strong resistance at 6.9100’. While USD rose above 6.9100, it fell quickly from a high of 6.9125. Upward pressure has more or less faded and USD is unlikely to advance further. Today, it is more likely to trade sideways between 6.8820 and 6.9080.”
Next 1-3 weeks: “Our update from last Thursday (20 Apr, spot at 6.8920) still stands. As highlighted, upward momentum is beginning to improve but USD has to break and stay above 6.9350 before a sustained rise is likely. The chance of USD breaking clearly above 6.9350 is not high for now but it will remain intact as long as the ‘strong support’ level at 6.8600 (no change in level) is not taken out.”
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