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USD/CNH still targets the 7.1700 level – UOB

FX Strategists at UOB Group noted USD/CNH could advance to 7/1960 on a break above 7.1700 in the near term.

Key Quotes

24-hour view: “USD traded between 7.0920 and 7.1515 yesterday, narrower than our expected range of 7.0700/7.1500. The underlying tone has weakened somewhat and this could lead to USD drifting lower to 7.0600. Resistance is at 7.1200 followed by 7.1500.”

Next 1-3 weeks: “There is no change to our view from last Friday (20 Mar, spot at 7.1440). As highlighted, USD could move above 7.1700 and a break of this level could lead to further USD strength to 7.1960. Meanwhile, USD could ‘trade sideways’ within a broad range for a few days before making the next up-leg. Only a break of 7.0180 (no change in ‘strong support’ level) would indicate that current strong upward pressure has eased.”

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