- Analytics
- News and Tools
- Market News
- USD/CNH: Next resistance comes at 7.2670 – UOB
USD/CNH: Next resistance comes at 7.2670 – UOB
UOB Group’s Markets Strategist Quek Ser Leang and Economist Lee Sue Ann see the upside momentum in USD/CNH facing the next resistance at 7.2670 in the short term.
Key Quotes
24-hour view: “Our expectation for USD to ‘trade sideways within a range of 7.1850/7.2200’ was incorrect as it popped to a high of 7.2332 before closing of a firm note at 7.2250 (+0.25%). Upward momentum has improved, albeit not by much. USD is likely to trade with an upward bias but any advance is expected to face strong resistance at 7.2380. Support is at 7.2100, followed by 7.2000.”
Next 1-3 weeks: “Last Friday (14 Oct, spot at 7.1880), we highlighted that further USD strength is not ruled out but 7.2380 is acting as a solid resistance now and USD has to break this level before a sustained rise is likely. Yesterday, USD rose to a high of 7.2332 before closing at 7.2250 (+0.25%). The risk of USD breaking above 7.2380 is increasing. A break of this level would shift the focus to the Sep high near 7.2670. Overall, only a breach of 7.1800 (‘strong support’ level was at 7.1500 yesterday) would indicate that the upside risk has subsided.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
