- Analytics
- News and Tools
- Market News
- USD/CNH: Bulls remain focused on 7.2000 – UOB
USD/CNH: Bulls remain focused on 7.2000 – UOB
The surpass of 7.200 would most likely reduce bets of a drop to 7.1000 in USD/CNH, argue Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB.
Key Quotes
24-hour view: We held the view yesterday that USD “is under mild downward pressure and is likely to edge lower.” We were also of the view that “any decline is unlikely to threaten last week’s low of 7.1170”. Our view did not materialise as USD traded in a quiet manner between 7.1332 and 7.1572 before ending the day largely unchanged (7.1465, -0.03%). Momentum indicators are mostly flat, and today we expect USD to trade sideways between 7.1280 and 7.1700.
Next 1-3 weeks: Last Wednesday (26 Jul, spot at 7.1465), we highlighted that “downward momentum has increased, and there is room for USD to weaken further.” We added, “it is worth noting that there are a couple of strong support levels at 7.1240 and 7.1000.” After USD dropped to 7.1170 and rebounded, we highlighted last Friday (28 Jul, spot at 7.1700) that “If USD breaks above 7.2000 it would suggest that 7.1000 is not coming into view this time around.” We continue to hold the same view.
© 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
