- Analytics
- News and Tools
- Market News
- USD/CNH: The major resistance at 7.2800 is likely out of reach – UOB Group
USD/CNH: The major resistance at 7.2800 is likely out of reach – UOB Group
The US Dollar (USD) could to rise to 7.2630; the major resistance at 7.2800 is likely out of reach. In the longer run, momentum is beginning to slow; a breach of 7.2000 would mean that USD is not rising further, UOB Group’s FX strategists Quek Ser Leang and Lee Sue Ann note.
Momentum is beginning to slow
24-HOUR VIEW: “Yesterday, we were of the view that ‘there is scope for USD to rise to 7.2630’. However, USD rose less that expected to 7.2598, closing largely unchanged at 7.2559 (+0.08%). The underlying tone still seems firm, and we continue to hold the view that USD could rise to 7.2630. The major resistance at 7.2800 is likely out of reach. The mild upward pressure is intact provided that 7.2370 is not breached (minor support is at 7.2440).”
1-3 WEEKS VIEW: “After expecting a higher USD for more than a week, we indicated on Monday (18 Nov, spot at 7.2350) that ‘momentum is beginning to slow, and if USD breaks below 7.2000 (‘strong support’ level) would mean that USD is not rising further.’ USD traded in a relatively quiet manner of the past few days, and our view remains unchanged. However, the ‘strong support’ level has edged higher to 7.2100 from 7.2000.”
© 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
