USD / CNH Analysis
According to the UOB Group FX Strategists, USD / CNH is expected to revisit 6.9645 in the short term.
24-hour outlook: “While the USD was trading between 6.9950 and 7.0095 yesterday, it was narrower than the anticipated trading range at 6.9930 / 7.0140 and closed slightly below the 6.9980 level (-0.11%). Today, there is a lower trend in the US dollar. Any, a weakness will likely be limited to a test of 6.9820. Resistance is seen at 7.0050 and then at 7.0100. ”
Next 1-3 weeks: “With any progress, the USD is expected to face solid resistance at 7.0400. The USD has now risen to the highest level of 7.0301, but has declined since then. A break at the 6.9750 level is that the correction phase is over. To put it another way, the worsening of the 6.9750 level will increase the risk of the USD falling below the lowest level of the month, 6.9645. Currently, the probability of such a move is not high, but the USD will rise until it rises above 7.0300 in these few days. It will continue. ” -UOB