USD/CNH: To trade sideways within a range of 7.2750/7.2910 – UOB Group

Jun 25, 2024 9:32 AM

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The US Dollar (USD) is likely to trade in a sideways range of 7.2750/7.2910. Resistance levels to watch are 7.3000 and 7.3100, UOB Group analysts note.

Resistance lies at 7.3000 and 7.3100

24-HOUR VIEW: “We indicated yesterday that USD ‘could continue to trade sideways, likely in a range of 7.2850/7.2950.’ USD then traded in a wider range than expected (7.2771/7.2937), closing slightly lower by 0.12% at 7.2830. The price movements still appear to be part of a sideways trading phase. That said, the slightly softened underlying tone suggests USD is likely to trade in a lower range of 7.2750/7.2910.”

1-3 WEEKS VIEW: “We have expected USD to strengthen since early last week. 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.’ Yesterday, USD eked out a fresh high of 7.2937 before pulling back. There has been a slight slowdown in momentum, but only a breach of 7.2700 (no change in ‘strong support’ level) would mean that USD is not strengthening further.”

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