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Extra gains could encourage USD/CNH to challenge the 6.9750 level in the short term, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
24-hour view: “Last Friday, we expected USD to strengthen further but we were of the view that ‘the major resistance at 6.9750 is likely out of reach today’. Our view turned out to be correct as USD rose to a high of 6.9735. Conditions are overbought and upward momentum is showing signs of slowing, albeit tentatively. Today, we do not expect USD to advance much further; it is more likely to trade in a range of 6.9570/6.9750.”
Next 1-3 weeks: “Last Friday, we expected USD to strengthen further but we were of the view that ‘the major resistance at 6.9750 is likely out of reach today’. Our view turned out to be correct as USD rose to a high of 6.9735. Conditions are overbought and upward momentum is showing signs of slowing, albeit tentatively. Today, we do not expect USD to advance much further; it is more likely to trade in a range of 6.9570/6.9750.”
风险提示：本文所述仅代表作者个人观点，不代表 Followme 的官方立场。Followme 不对内容的准确性、完整性或可靠性作出任何保证，对于基于该内容所采取的任何行为，不承担任何责任，除非另有书面明确说明。
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