USD/CNH: to trade between 7.2850 and 7.2950 – UOB Group

FXStreet Insights Team FXStreet

The US Dollar (USD) is likely to trade in a sideways range of 7.2850/7.2950, but it’s also likely to rise above this range. Resistance levels to watch are at 7.3000 and 7.3100, UOB Group analysts say.

A breach below 7.2700 to turn the USD southwards

24-HOUR VIEW: “Our view for USD to continue to rise last Friday was incorrect, as it traded sideways between 7.2838 and 7.2920, closing largely unchanged (7.2915, -0.01%). There has been no increase in momentum, and USD could continue to trade sideways today, likely in a range of 7.2850/7.2950.”

1-3 WEEKS VIEW: “We have expected USD to strengthen since early last week (see annotations in the chart below). In our latest update from last Friday (21 Jun, spot at 7.2920), we indicated that ‘further USD strength is likely, and the resistance levels to watch are 7.3000 and 7.3100.’ There is no change in our view. On the downside, a breach of 7.2700 (no change in ‘strong support’ level from last Friday) would mean that USD is not strengthening further.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD remains cautious near 1.1760 ahead of US data

EUR/USD trades marginally on the defensive at the end of the week, hovering around the 1.1770-1.1760 band against the backdrop of an equally humble advance in the US Dollar. Meanwhile, investors gear up for the release of key US data later in the day, including PCE and GDP figures.

GBP/USD looks slightly bid near 1.3480, focus on US docket

The British Pound gathers some fresh steam on Friday, prompting GBP/USD to reverse four consecutive days of losses and revisit the 1.3480 zone. Cable’s decent bounce comes on the back of modest gains in the Greenback prior to the release of significant US data.

Gold extends the recovery past $5,000/oz, looks at US data

Gold prices advance for the third straight day on Friday, reaching new multi-day highs just north of the key $5,000 mark per troy ounce. The continuation of the precious metal’s uptick follows steady geopolitical effervescence in the Middle East, while traders eagerly await key US data releases.

US GDP growth expected to slow down significantly in Q4 after stellar Q3

The United States Bureau of Economic Analysis will publish the first preliminary estimate of the fourth-quarter Gross Domestic Product at 13:30 GMT. Analysts forecast the US economy to have expanded at a 3% annualized rate, slowing down from the 4.4% growth posted in the previous quarter.

Week ahead – Markets brace for heightened volatility as event risk dominates

Dollar strength dominates markets as risk appetite remains subdued. A Supreme Court ruling, geopolitics and Fed developments are in focus. Pivotal Nvidia earnings on Wednesday as investors question tech sector weakness.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.