16 Jan 2015
USD/CNH might range-trade in the short-term – UOB
FXStreet (Barcelona) - Analysts at UOB Group explain that the USD bear phase has ended and the USD/CNH might now trade in the 6.1920-6.2250 range for a couple of weeks.
Key Quotes
“We have been highlighting the weak downward momentum but were fortunate that USD dipped towards 6.1880 first (our target was 6.1895) before rallying sharply to take out our trailing-stop at
6.2100 (overnight high of 6.2175). The bearish USD phase has ended and the current movement is likely the early stages of a broad neutral sideway trading range between 6.1920 and 6.2250 which may last for a couple of weeks.”
Key Quotes
“We have been highlighting the weak downward momentum but were fortunate that USD dipped towards 6.1880 first (our target was 6.1895) before rallying sharply to take out our trailing-stop at
6.2100 (overnight high of 6.2175). The bearish USD phase has ended and the current movement is likely the early stages of a broad neutral sideway trading range between 6.1920 and 6.2250 which may last for a couple of weeks.”