US Greenback (USD) might rise and take a look at 7.2010 towards Chinese language Yuan (CNH); the most important resistance at 7.2100 is unlikely to become visible. Within the longer run, USD remains to be buying and selling in a variety; a narrower vary of seven.1700/7.2100 is probably going sufficient to comprise the worth actions, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
USD remains to be buying and selling in a variety
24-HOUR VIEW: “Whereas we indicated yesterday that ‘the worth motion nonetheless seems to be a part of a consolidation section,’ we identified that ‘the firmer underlying tone suggests USD is prone to commerce in the next vary of seven.1820/7.1980.’ Our assessments weren’t unsuitable, as after dipping to a low of seven.1830, USD rose and reached of a excessive of seven.1982. The advance has gathered some momentum, and USD might rise and take a look at 7.2010 at present. The key resistance at 7.2100 is unlikely to become visible. Help ranges are at 7.1885 and seven.1830.”
1-3 WEEKS VIEW: “The next is from our replace yesterday (11 Aug, spot at 7.1880). ‘In our most up-to-date narrative from final Monday (04 Aug, spot at 7.1900), we highlighted that USD ‘seems to have moved right into a 7.1600/7.2240 vary buying and selling section.’ Since then, USD traded in a comparatively quiet method, and whereas we proceed to anticipate vary buying and selling, a narrower vary of seven.1700/7.2100 is probably going sufficient to comprise the worth actions for now.’ There isn’t any change in our view.”
