6 Mar 2015
USD/CNY could find decent support around 6.2600 – Westpac
FXStreet (Edinburgh) - Strategist at Wetspac Jonathan Cavenagh expects drops in USD/CNH to be limited around 6.2600.
Key Quotes
“In the past two sessions we have seen the USD/CNY fix come out weaker than expected from a USD perspective”.
“This is raising suspicion we may see a stronger than expected trade surplus print this weekend”.
“Hence we need to step back from our bullish USD/CNH bias, as better entry levels to long positions may materialise over the coming few session”.
“Dips towards the 6.2600 level should still be supported”.
Key Quotes
“In the past two sessions we have seen the USD/CNY fix come out weaker than expected from a USD perspective”.
“This is raising suspicion we may see a stronger than expected trade surplus print this weekend”.
“Hence we need to step back from our bullish USD/CNH bias, as better entry levels to long positions may materialise over the coming few session”.
“Dips towards the 6.2600 level should still be supported”.