USD/CNH: Further USD strength to 7.1600 and 7.1900 – UOB Group

FXStreetOct 18, 2024 10:39 AM

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USD is likely to trade in a range between 7.1180 and 7.1480. In the longer run, strong and sudden surge suggests further USD strength to 7.1600, potentially 7.1900, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notes.

To trade in a range between 7.1180 and 7.1480

24-HOUR VIEW: “Yesterday, we pointed out that ‘the current price movements are likely part of a range trading phase.’ We expected USD to ‘trade between 7.1100 and 7.1430.’ USD then traded in a 7.1260/7.1468 range, closing largely unchanged at 7.1365 (+0.03%). Further range trading seems likely today, probably between 7.1180 and 7.1480.”

1-3 WEEKS VIEW: “Our update from two days ago (16 Oct, spot at 7.1350) remains valid. As indicated, “the strong and sudden surge suggests further USD strength to 7.1600, potentially 7.1900. To keep the momentum going, USD must not break below the ‘strong support’ level, now at 7.0900.”

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