USD/CNH: All eyes on 7.2950 – UOB Group

Jul 9, 2024 8:44 AM

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The US Dollar (USD) is expected to trade in a range, probably between 7.2820 and 7.2950, UOB Group analysts Quek Ser Leang and Lee Sue Ann note.

USD is set to break above 7.2950

24-HOUR VIEW: “We expected USD to trade in a 7.2800/7.2970 range yesterday. However, USD traded in a narrower range than expected (7.2848/7.2919). USD closed largely unchanged at 7.2872 (-0.01%). The quiet price action provides no fresh clues, and we continue to expect USD to trade in a range, probably between 7.2820 and 7.2950.”

1-3 WEEKS VIEW: “Last Thursday (04 Jul, spot at 7.3000), we highlighted that the recent buildup of upward momentum had largely dissipated. We were of the view that the current price movements are likely part of a consolidation, and we expected USD to trade between 7.2700 and 7.3100 or the time being. There is no change in our view.”

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