USD/CNH: Trades towards 7.2980– UOB Group

Jul 22, 2024 9:30 AM

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The US Dollar (USD) is likely to edge higher. As upward momentum is not strong; any advance is unlikely to reach 7.2980. USD is still trading in a 7.2600/7.3100 range, UOB Group FX strategists Quek Ser Leang and Peter Chia note.

Rangebound within 7.2600/7.3100

24-HOUR VIEW: “We expected USD to trade in 7.2682/7.2880 range last Friday. USD then traded between 7.2763 and 7.2895, closing at 7.2867 (+0.11%). There has been a slight increase in momentum. Today, USD is likely to edge higher. As upward momentum is not strong, any advance is unlikely to reach 7.2980. Support is at 7.2770, followed by 7.2700.”

1-3 WEEKS VIEW: “Our most recent narrative was from last Thursday (18 Jul, spot at 7.2680), wherein ‘downward momentum is building again, but USD must break and stay below 7.2600 before a decline to 7.2400 can be expected.’ We indicated that ‘the chance of USD breaking clearly below 7.2600 will remain intact provided that 7.2900 is not breached.’ On Friday, USD rose, reaching a high of 7.2895. While our ‘strong resistance’ of 7.2900 has not been clearly breached yet, the buildup in momentum has largely faded. From here, it appears that USD is still trading in a 7.2600/7.3100 range.”

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