United Abroad Financial institution’s (UOB) Quek Ser Leang sees USD/CNH buying and selling barely greater inside a growing vary, with intraday ranges anticipated between 6.7500 and 6.7620. On a 1–3 week horizon, the pair may proceed to edge decrease towards 6.7300 so long as 6.7640 holds as sturdy resistance. Medium time period, a sustained restoration requires a break above the 21-week EMA close to 6.8430.
Brief-term vary, gradual decline towards 6.7300
“24-HOUR VIEW: When USD was at 6.7490 within the early Asian commerce yesterday, we highlighted that “the present worth actions look like a part of a range-trading section between 6.7420 and 6.7540.” Nevertheless, USD traded in a better vary of 6.7467/6.7592. There was a slight improve in upward momentum, however as a substitute of a sustained advance, USD is extra more likely to commerce between 6.7500 and 6.7620 at the moment.”
“1-3 WEEKS VIEW: Yesterday (03 Aug, spot at 6.7490), we highlighted that whereas USD edged decrease final week, “there was no clear improve in downward momentum.” Nevertheless, we had been of the view that USD “may proceed to edge decrease towards 6.7300 so long as 6.7640 (‘sturdy resistance’ stage) isn’t breached.” Our view stays unchanged. “
(This text was created with the assistance of an Synthetic Intelligence software and reviewed by an editor. Know extra.)
