USD/CNH: Likely to trade between 7.0530 and 7.0930 – UOB Group

FXStreetOct 9, 2024 11:10 AM

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The US Dollar (USD) could continue to trade in a range, likely between 7.0530 and 7.0930. In the longer run, current price movements are likely part of a range trading phase; USD is likely to trade between 7.0300 and 7.1200, UOB Group Quek Ser Leang and Peter Chia note.

USD may fall towards 7.0530

24-HOUR VIEW: “We expected USD to trade in a 7.0590/7.0800 range yesterday. While USD traded in a wider range between 7.0466 and 7.0846, it closed little changed at 7.0745 (+0.03%). There has been no increase in either upward or downward momentum, and USD could continue to trade in a range today, likely between 7.0530 and 7.0930.”

1-3 WEEKS VIEW: “After USD surged last Friday, we indicated on Monday (07 Oct, spot at 7.0900) that ‘while further USD strength is not ruled out, it remains to be seen if it can maintain the rapid pace of advance.’ We also indicated that ‘the level to monitor is 7.1200, and in order to maintain the rapid buildup of momentum, USD must not break below 7.0500.’ Yesterday (Tuesday), USD broke below 7.0500 as it dropped to a low of 7.0466. The buildup in momentum has faded. The current price movements are likely part of a range trading phase. For the time being, USD is expected to trade between 7.0300 and 7.1200.”

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