USD/CNH: To trade between 7.2500 and 7.2900 – UOB Group

FXStreetDec 12, 2024 10:05 AM

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US Dollar (USD) could trade in a range, most likely between 7.2500 and 7.2900. In the longer run, current price movements are likely part of range trading, probably between 7.2400 and 7.2900, UOB Group’s FX analyst Quek Ser Leang and Lee Sue Ann note.

Current price movements are likely part of range trading

24-HOUR VIEW: “We detected a ‘slight increase in momentum’ yesterday. We held the view that USD ‘could test the 7.2400 level before a more sustained rebound is likely.’ USD subsequently dropped to 7.2425 before staging a surprising strong rise, reaching a high of 7.2928. It then pulled back to close at 7.2807 (+0.27%). The price action provides no clarity. Today, USD could trade in a range, most likely between 7.2500 and 7.2900.”

1-3 WEEKS VIEW: “Our most recent narrative was from last Friday (06 Dec, spot at 7.2660), wherein ‘the current price movements are likely part of range trading, probably between 7.2400 and 7.2900.’ USD fell to 7.2420 two days ago. Yesterday, it rose slightly above 7.2900 (high of 7.2928). There has been no increase in either downward or upward momentum, and we continue to expect USD to trade between 7.2400 and 7.2900.”

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