US Greenback (USD) might edge decrease towards Chinese language Yuan (CNH), however any decline is unlikely to interrupt beneath the key assist at 7.1620. Within the longer run, USD has seemingly moved right into a 7.1620/7.2200 vary buying and selling part, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
USD/CNH has a change of edging decrease
24-HOUR VIEW: “We anticipated USD to ‘commerce in a 7.1750/7.1950 vary’ yesterday. We weren’t fallacious, although USD traded in a narrower vary than anticipated (7.1754/7.1925). Regardless of the quiet value motion, there was a slight improve in downward momentum. At the moment, USD might edge decrease, however any decline is unlikely break the key assist at 7.1620. Resistance ranges are at 7.1800 and seven.1900.”
1-3 WEEKS VIEW: “Our newest narrative was from 09 Jun, when USD was at 7.1870. We indicated at the moment that USD ‘has seemingly moved again into a spread buying and selling part, most likely between 7.1620 and seven.2200.’ Since then, USD has traded largely sideways, and our narrative stays unchanged.”
