Select Language

USD/CNH: Likely to rise towards 7.1600 - UOB Group

Breaking news

USD/CNH: Likely to rise towards 7.1600 - UOB Group

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.10.28 20:45
USD/CNH: Likely to rise towards 7.1600 - UOB Group

update 2024.10.28 20:45

Increasing momentum suggests the US Dollar (USD) is likely to rise further, potentially reaching 7.1600. In the longer run, upward momentum is building, but USD must break and remain above 7.1600 before further sustained gains are likely, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note.

USD has to break above 7.1600 to stay afloat

24-HOUR VIEW: "Last Friday, we expected USD to trade in a range between 7.1120 and 7.1380. USD subsequently traded in a 7.1232/7.1375 range, closing at 7.1346 (+0.15%). In early Asian trade today, USD rose sharply. The increasing momentum suggest USD is likely to rise further, potentially reaching 7.1600. To maintain the buildup in momentum, USD must remain above 7.1300 with minor support at 7.1375."

1-3 WEEKS VIEW: "We shifted to a neutral stance last Friday (25 Oct, spot at 7.1250), indicating that 'upward momentum has largely faded, and USD is likely to trade in a range, probably between 7.0800 and 7.1500.' USD then closed at 7.1346 but it rose sharply in Asian trade today. While upward momentum is building, USD must break and remain above 7.1600 before further sustained gains are likely. The likelihood of USD breaking clearly above 7.1600 will remain intact, provided that 7.1200 is not breached in the next few days."


Date

Created

 : 2024.10.28

Update

Last updated

 : 2024.10.28

Related articles


    Show more

    FXStreet

    Financial media

    arrow
    FXStreet

    FXStreet is a forex information website, delivering market analysis and news articles 24/7.
    It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
    Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

    Was this article helpful?

    We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
    We are also looking for writers with extensive experience in forex and crypto to join us.

    please contact us at [email protected].

    Thank you for your feedback.
    Thank you for your feedback.

    Most viewed

    Mexican Peso plunges to new yearly low amid strong US Dollar

    The Mexican Peso depreciated sharply against the Greenback on Friday and recorded new yearly highs of 20.29, above the former 20.22 peak late in the North American session, set to print weekly losses of over 1.50%.
    New
    update2024.11.02 07:31

    Australian Dollar declines after high-tier US data, Chinese worries

    .
    New
    update2024.11.02 06:40

    NZD/JPY Price Analysis: Mixed technical outlook with sideways movement

    Friday's trading saw the NZD/JPY pair continue its sideways movement of the past sessions.
    New
    update2024.11.02 05:49

    Forecasting the upcoming week: US Presidential Elections overshadows Fed's decision

    This past week, the US Dollar consolidated at around familiar levels, though it is set to snap four consecutive weeks of gains ahead of a busy schedule.
    New
    update2024.11.02 05:32

    Dow Jones Industrial Average surges on soft US NFP data, Fed easing hopes rise

    The Dow Jones Industrial Average (DJIA) posted solid gains of close to almost 300 points or 0.71% on Friday, on softer-than-expected economic data, reinforcing investors' hypothesis of further easing by the Federal Reserve.
    New
    update2024.11.02 04:04

    US Dollar rebounds after NFPs and ISM PMIs

    The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, rebounded intraday despite the weak jobs data as annual wage inflation rose to 4%, indicating that inflationary pressures remain elevated.
    New
    update2024.11.02 04:00

    Canadian Dollar mixed after US NFPs, ISM PMIs

    The USD/CAD currency pair saw a mild decline in Friday's session, reaching a low of 1.3920.
    New
    update2024.11.02 02:10

    GBP/USD Price Forecast: Climbs post weak US jobs report, eyes 100-day SMA

    The Pound Sterling erased some of its Thursday's losses against the Greenback and rose 0.56% above its opening price after a dismal US jobs report reassured investors the Federal Reserve would continue to ease policy.
    New
    update2024.11.01 23:56

    RBNZ: A high bar for a 75bps cut - Standard Chartered

    We think the bar is high for a 75bps OCR cut given the prevailing economic backdrop.
    New
    update2024.11.01 23:56

    EUR/CAD Price Prediction: Decisively breaks out of top of pattern

    EUR/CAD rallies and pierces decisively above the slanting roof of the price pattern it had been trading in since the beginning of August.
    New
    update2024.11.01 23:40

    Disclaimer:arw

    All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

    The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

    • Facebook
    • Twitter
    • LINE

    Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

    I agree
    share
    Share
    Cancel