- Analytics
- News and Tools
- Market News
- USD/CNH: Decline in USD seems excessive – UOB Group
USD/CNH: Decline in USD seems excessive – UOB Group
Slight increase in momentum is likely to lead to a higher trading range of 7.2700/7.2980. In the longer run, decline in US Dollar (USD) seems excessive, but there is potential for a test of 7.2420, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Potential for a test of 7.2420
24-HOUR VIEW: "We expected USD to 'trade in a 7.2550/7.2950 range' yesterday. It subsequently traded in a tight range of 7.2666/7.2896, closing at 7.2831 (+0.18%). There has been a slight increase in momentum, but this is likely to lead to a higher trading range of 7.2700/7.2980 instead of sustained advance."
1-3 WEEKS VIEW: "We continue to hold the same view as Tuesday (21 Jan, spot at 7.2720). As indicated previously, while the sharp decline on Monday 'seems excessive, there is potential for USD to test the support at 7.2420.' We will continue to hold the same view, provided that 7.3200 (‘strong resistance’ level was at 7.3230 yesterday) is not breached."
© 2000-2025. 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.
