USD/CNH now appears to have moved into a consolidative phase within the 6.8500-6.9200 range, comment Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.
24-hour view: “We expected USD to weaken last Friday but we were of the view that 6.8100 is unlikely to come into view. USD plummeted briefly to 6.8440 and then rebounded sharply to end the day little changed at 6.8750 (-0.01%). The sharp but short-lived swings have resulted in a mixed outlook. USD could trade in a choppy manner today, likely between 6.8600 and 6.8950.”
Next 1-3 weeks: “Last Friday (31 Mar, spot at 6.8550), we held the view that USD ‘is likely to head lower even though 6.8100 might not be easy to break’. USD dropped sharply to 6.8440 before rebounding strongly. While our ‘strong resistance’ level of 6.8900 is not breached, the build-up in downward momentum faded quickly. In other words, the downward pressure has fizzled out. The outlook for USD is mixed and it is likely to trade between 6.8500 and 6.9200 for now.”
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