USD/CNH: Trades in a wide range of 7.2600/7.3100– UOB Group
|The US Dollar (USD) is still trading in a 7.2600/7.3100 range, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.
Wobbles in the 7.2600/7.3100 range continue
24-HOUR VIEW: “We noted yesterday that ‘there has been a slight increase in momentum.’ We expected USD to edge higher, but we highlighted that ‘as upward momentum is not strong, any advance is unlikely to reach 7.2980.’ Our view was not wrong, even though the advance in USD almost reached 7.2980 (high has been 7.2973). Upward momentum has increased further, albeit not much. We continue to expect USD to edge higher, but today, the advance is unlikely to reach 7.3100 (there is another resistance level at 7.3035). Support is at 7.2900, followed by 7.2820.”
1-3 WEEKS VIEW: “Our update from yesterday (22 Jul, spot at 7.2870) still stands. As highlighted, the recent price action suggest that USD is still trading in a 7.2600/7.3100 range.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.