Downward momentum has largely light; US Greenback (USD) is prone to commerce in a 7.1850/7.2450 vary for now towards Chinese language Yuan (CNH), UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
Downward momentum has largely light
24-HOUR VIEW: “When USD at 7.2160 within the early Asian session yesterday, we famous that ‘there was a tentative buildup in upward momentum.’ We anticipated USD to ‘to edge increased’, however we indicated that ‘as momentum isn’t sturdy, any advance is unlikely to achieve the foremost resistance
at 7.2330.’ We additionally indicated that ‘there’s one other resistance degree at 7.2250.’ Our view was not fallacious, as after rising to 7.2260, USD eased off to finish the day largely unchanged at 7.2146 (+0.01%). Upward momentum has light. At this time, we anticipate vary buying and selling, doubtless between 7.2050 and seven.2250.”
1-3 WEEKS VIEW: “After holding a unfavorable USD view since early this month, we revised our view to impartial yesterday (20 Might, spot at 7.2160). We indicated that ‘downward momentum has largely light, and as a substitute of weakening, USD is prone to commerce in a 7.1850/7.2450 vary for now.’ There
is not any change in our view.”
