Within the explore of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Neighborhood, USD/CNH is anticipated to stick with the present vary sure theme between 6.8500 and 6.9200 for the time being.
Key Quotes
24-hour explore: “We anticipated USD to alternate with a downward bias last Friday however we held the explore that ‘a transparent shatter below 6.8500 is now now not truly’. We did now not question the volatile impress actions as USD plunged to 6.8303 and snapped attend as much as pause the day cramped changed at 6.8696 (-0.01%). USD traded on an organization repeat in early Asian alternate and upward momentum is constructing. That acknowledged, any come is anticipated to face sturdy resistance at 6.9000. Increase is at 6.8700, adopted by 6.8600.”
Next 1-3 weeks: “Closing Friday (14 Apr, situation at 6.8700), we famed that ‘downward momentum is showing tentative signs of constructing’. Nevertheless, we indicated that USD ‘has to shatter clearly below 6.8500 sooner than a sustained decline is seemingly’. While USD took out 6.8500 and plunged to 6.8303, the decline became once short-lived because it soared to a high of 6.8760 in NY alternate sooner than extending its good points in Asian alternate. The worth actions counsel there’s no such thing as a sure USD direction and for the time being, it would possibly perhaps actually most likely perhaps perhaps maybe alternate in a somewhat mammoth vary of 6.8500/6.9250.”
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