USD/CNH: Drifts lower towards 7.2550 – UOB Group

Jul 30, 2024 9:50 AM

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The US Dollar (USD) is expected to trade in a range, probably between 7.2550 and 7.2750. USD must break and remain below the 7.2037 low before further weakness can be expected, UOB Group FX strategists Quek Ser Leang and Peter Chia note.

The nearest support is at 7.2680

24-HOUR VIEW: “USD traded between 7.2588 and 7.2736 yesterday, narrower than our expected range of 7.2500/7.2750. The price action provides no fresh clues, and we continue to expect USD to trade in a range, probably between 7.2550 and 7.2750.”

1-3 WEEKS VIEW: “Last Thursday, USD plunged to a low of 7.2037 before rebounding. On Friday (26 Jul, spot at 7.2470), we highlighted that ‘while further USD weakness is not ruled out, it must break and remain below the 7.2037 low before further decline can be expected.’ We added, ‘the likelihood of USD breaking clearly below the low will be intact provided that 7.2800 is not breached.’ We continue to hold the same view.”

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