Select Language

USD/CNH: Can breach 7.1800 near term - UOB Group

Breaking news

USD/CNH: Can breach 7.1800 near term - UOB Group

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.06 19:06
USD/CNH: Can breach 7.1800 near term - UOB Group

update 2024.11.06 19:06

Impulsive advance in early Asian trade could extend to 7.1550 before levelling off. In the longer run, downward momentum has largely faded; USD could trade in a broad 7.0900/7.1800 range, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann notes.

USD to trade in a broad 7.0900/7.1800 range

24-HOUR VIEW: "On Monday, USD plunged to 7.0876 and then rebounded. Yesterday, we pointed out that 'The rebound in oversold conditions suggests that instead of continuing to weaken, USD is likely to trade in a range, probably between 7.1000 and 7.1250.' USD then traded in a 7.0990/7.1169 range. In a sudden move in early Asian trade today, it surged. The impulsive advance could extend to 7.1550 before levelling off. The major resistance at 7.1800 is unlikely to come into view. Support levels are at 7.1200 and 7.1000."

1-3 WEEKS VIEW: "We turned negative in USD last Friday (01 Nov, spot at 7.1250). We indicated USD 'could edge lower, but any decline is expected to encounter solid support at 7.1000.' After USD plummeted below 7.1000, we highlighted yesterday that 'The increasing downward momentum, combined with the breach of 7.1000, suggests USD is likely to decline further, potentially to 7.0660.' In a sudden move early today, USD jumped. While our 'strong resistance' level at 7.1380 has not been breached yet, downward momentum has largely faded. The outlook is mixed from here, and USD could trade in a broad 7.0900/7.1800 range for now."


Date

Created

 : 2024.11.06

Update

Last updated

 : 2024.11.06

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

    US Dollar soars to four-month high as Trump wins US presidency

    The US Dollar (USD) rises sharply on Wednesday after former US President Donald Trump secured enough electoral votes to become the next US president. The former US President has secured 277  votes, more than enough to surpass the magic 270
    New
    update2024.11.06 21:06

    USD/JPY: Sell rallies - OCBC

    USD/JPY rose, as polls skewed in favour of Trump at point of writing.
    New
    update2024.11.06 20:34

    EUR/USD: 2-way risks remain - OCBC

    The Euro (EUR) traded sharply lower, in response to US elections.
    New
    update2024.11.06 20:25

    USD: Waiting for details - Rabobank

    The 'Trump Trade' was fully unleashed in the market this morning as evidenced across stocks, bonds, FX and crypto.
    New
    update2024.11.06 20:17

    USD/CHF Price Forecast: Strives to extend rally above 200-day EMA

    The USD/CHF pair rallies to near 0.8750 in Wednesday's European session.
    New
    update2024.11.06 20:05

    DXY: 2-way trades to dominate - OCBC

    The US Dollar (USD) traded higher, as vote count skews in favour of Trump at time of writing.
    New
    update2024.11.06 20:04

    US Election: republicans likely win presidency & senate - TDS

    Markets remain strongly inclined to trade a Red Sweep. 10y USTs still around 15bps higher on the day and 5s30s curve bear steepening.
    New
    update2024.11.06 19:45

    Republican sweep raises risks to the outlook - ABN AMRO

    Republican clean sweep makes it significantly easier to implement full policy agenda, ABN AMRO's economists note.
    New
    update2024.11.06 19:42

    EUR/USD goes down with Trump 2.0 - BBH

    EUR/USD has experienced a deeper pullback after confirming a double top, BBH's FX analysts note.
    New
    update2024.11.06 19:37

    Gold dumped for riskier options as Trump nears finish line

    Gold (XAU/USD) trades down by half a percent in the $2,720s on Wednesday due to the US Dollar (USD) strengthening after current results from the US presidential election show Republican nominee Donald Trump on 267 electoral votes, only three short of a victory.
    New
    update2024.11.06 19:28

    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