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EURUSD
USD/CNH
USD/CNH: Likely to trade in a range between 6.9650 and 6.9800 – UOB Group
Key Takeaways (30s Read)
USD/CNH is expected to trade in a range between 6.9650 and 6.9800.
According to UOB Group FX analysts Quek Ser Leang and Peter Chia, the US Dollar (USD) against the Chinese Yuan (CNY) is anticipated to trade in a range between 6.9650 and 6.9800. This range is expected to serve as the default trading range in the short term. Additionally, in the longer run, trading is also forecasted to occur in a lower range of 6.9520 to 6.9900. The current market conditions are neutral, and while significant price fluctuations are not anticipated, it is advised to closely monitor these support and resistance levels during trading activities.
AI Analyst
AI Opinion
"The relative stability of the USD against the CNY provides short-term trading opportunities for investors. A drop below 6.9650 may indicate further declines, while a break above 6.9800 could suggest a reversal. This neutral market environment is susceptible to movements influenced by other major currencies and key economic indicators, necessitating a cautious approach from traders. In particular, China's economic indicators and U.S. interest rate policies will be significant factors affecting future trends. Therefore, it is crucial to monitor these elements closely and be prepared to respond quickly to market fluctuations."
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