USD/CNH: The pair may break above 7.3100 – UOB Group

Jul 1, 2024 9:50 AM

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The US Dollar (USD) is likely to trade between 7.2930 and 7.3060. USD could break above 7.3100, but it is too early to tell if the next significant resistance at 7.3400 will come into view.

A breach below 7.2800 to stop the USD from advancing

24-HOUR VIEW: “We expected USD to test the major resistance at 7.3100 last Friday. Our view was incorrect, as after rising to 7.3066, USD fell sharply to a low of 7.2905. USD rebounded from the low and closed little changed at 7.3018 (-0.03%). The price action is likely part of a range trading phase. Today, USD is likely to trade between 7.2930 and 7.3060.”

1-3 WEEKS VIEW: “In our most recent narrative from last Thursday (27 Jun, spot at 7.2990), we indicated that USD could break above 7.3100, but it is too early to tell if the next significant resistance at 7.3400 will come into view. There is no change in our view. Overall, only a breach of 7.2800 (no change in ‘strong support’ level) would mean that the advance in USD from the middle of the month has ended.”

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