- Analytics
- News and Tools
- Market News
- USD/CNH: Downward pressure seems to be building – UOB
USD/CNH: Downward pressure seems to be building – UOB
Further weakness could drag USD/CNH to the 7.2700 region in the short-term horizon, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: We did not expect USD to drop to a low of 7.2848 yesterday (we were expecting it to trade sideways). The decline has gathered considerable momentum. Today, USD is likely to head lower and possibly break 7.2700 (there is another support at 7.2800). In order to keep the momentum going, USD must stay below 7.3060 (minor resistance is at 7.2980).
Next 1-3 weeks: Yesterday (09 Sep, spot at 7.3120), we highlighted that USD is likely to trade in a range between 7.2950 and 7.3400. We did not expect it to drop to a low of 7.2848. Downward momentum is improving, and there is a chance for USD to break below the next support at 7.2700. If USD breaks clearly below this level, it could potentially trigger a rapid drop to 7.2400. On the upside, if USD breaks above 7.3200, it would mean that the momentum buildup has fizzled out.
© 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
