USD/CNH: Bears may break below 7.1150 towards 7.0636 – UOB Group

FXStreetAug 27, 2024 11:00 AM

View all comments（0）



The US Dollar (USD) is likely to trade sideways between 7.1150 and 7.1350. In the longer run, downward momentum has increased sharply, suggesting there is potential for USD to decline to 7.0636, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.

Potential to decline towards 7.0636

24-HOUR VIEW: “Yesterday, we held the view that USD ‘could drop further to 7.0900 before stabilisation can be expected.’ However, USD fell less than expected, rebounding from 7.1069 to 7.1251. USD closed at 7.1239 (+0.11%). Downward pressure appears to have faded. Today, USD is likely to trade sideways, probably between 7.1150 and 7.1350.”

1-3 WEEKS VIEW: “After USD fell last Friday, we indicated yesterday (26 Aug, spot at 7.1100) that downward momentum has increased sharply, suggesting there is potential for USD to decline to the July’s low of 7.0636. While USD did not make further headway on the downside, we continue to hold the same view for now. Only a breach of 7.1460 (no change in ‘strong resistance level from yesterday) would mean that USD is not declining further.”

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Week Ahead: ECB Interest Rate Decision Looms; Alphabet, Tesla, Intel Earnings Debut; Global Flash PMIs Revealed

TradingKey - In the coming week, global markets will witness one of the most significant central bank decisions of July. The European Central Bank (ECB) will announce its latest interest rate decision, with investors closely watching whether President Christine Lagarde provides policy signals for September. Simultaneously, preliminary July PMI data will be released for the US, Japan, and the Eurozone, offering fresh clues on the global economic start to the third quarter. Meanwhile, the second-quarter earnings season for US stocks continues to progress.

Nvidia Stock Price Forecast: Jensen Huang Personally Responds to Market Doubts, Can Nvidia Stock Price Still Rise in the Second Half of 2026?

TradingKey - As of July 16 Eastern Time, Nvidia (NVDA) shares closed at $207.4, down 2.4% for the day. Although Nvidia’s stock price has undergone a correction since June, it stabilized and rebounded in July, posting a cumulative monthly gain of 3.65%. This indicates that the market continues to support Nvidia's long-term AI growth logic.

Electric Vehicle Market Enters Trillion-Dollar Era, Is Tesla or Rivian More Worthy of Long-Term Investment?

TradingKey - The global new energy vehicle industry is still in a phase of rapid expansion. However, for investors, industry growth does not mean all electric vehicle companies will emerge as winners. Between these two representative EV companies, Tesla (TSLA) and Rivian (RIVN), which stock is better suited for long-term holding?

AMD Stock Down 17% From Peak — Can July 22 Advancing AI Save It?

TradingKey - AMD ended the week at $486, down 17% from its June high. The trendline broke. RSI hit 29. But KeyBanc raised to $725, BofA to $620, and July 22 Advancing AI brings Zen 6 Venice and the MI455X roadmap. Here is the setup for the week ahead.

SpaceX IPO Makes History, But Breaks Below Offer Price a Month Later, What Should Investors Watch in the Coming Months?

TradingKey - On June 12, 2026, Eastern Time, SpaceX (SPCX) listed on the Nasdaq at $135 per share with a base fundraising size of approximately $75 billion, setting a new global IPO record.

Featured Tools