US Greenback (USD) might edge decrease in opposition to Chinese language Yuan (CNH), however any decline isn’t anticipated to achieve 7.1550; be aware that there’s one other help degree at 7.1635. Within the longer run, USD is predicted to commerce in a spread between 7.1550 and seven.1920, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
USD is predicted to commerce in a rang
24-HOUR VIEW: “Following final Friday’s quiet value motion, we indicated yesterday (Monday) that ‘the worth actions nonetheless seem like a part of a spread buying and selling section, most probably between 7.1730 and seven.1860. USD then traded in a decrease vary than anticipated (7.1695/7.1835) and closed at 7.1718 (-0.12%). There was a slight improve in downward momentum, and USD might edge decrease as we speak. Nevertheless, any decline isn’t anticipated to achieve the foremost help at 7.1550. Word that there’s one other help degree at 7.1635. Resistance ranges are at 7.1770 and seven.1840.”
1-3 WEEKS VIEW: “Our most up-to-date narrative was from final Monday (14 Jul, spot at 7.1730), wherein we highlighted that USD ‘is predicted to commerce in a spread between 7.1550 and seven.1920.’ Our narrative stays unchanged.”
