USD/CNH: Likely to trade between 7.0300 and 7.1200 – UOB Group

FXStreetOct 10, 2024 10:03 AM

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The US Dollar (USD) could rise to 7.1060 before the risk of a pullback increases. 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’s FX analysts Quek Ser Leang and Lee Sue Ann note.

USD can rise to 7.1060 before pulling back

24-HOUR VIEW: “We expected USD to trade in a 7.0530/7.0930 range yesterday. USD subsequently dipped to 7.0543 before rising to 7.0981. USD close at 7.0929 (+0.26%). The advance has resulted in a slight increase in momentum. Today, USD could rise to 7.1060 before the risk of a pullback increases. Support is at 7.0830, followed by 7.0700.”

1-3 WEEKS VIEW: “Our update from yesterday (09 Oct, spot at 7.0750) remains valid. As highlighted, 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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