Select Language

USD/CNH: Level to watch is 7.2400 - UOB Group

Breaking news

USD/CNH: Level to watch is 7.2400 - UOB Group

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.11 20:15
USD/CNH: Level to watch is 7.2400 - UOB Group

update 2024.11.11 20:15

Surge in momentum suggests further US Dollar (USD) strength, but the pace and extent is likely to be more moderate. The level to watch is 7.2400, UOB Group FX analysts Quek Ser Leang and Peter Chia note.

USD to reach 7.2400 near term

24-HOUR VIEW: "Our view for USD to rise above 7.2200 yesterday did not turn. After reaching a high of 7.2133, it staged an unexpectedly sharp drop, reaching a low of 7.1420. The decline appears to be excessive, and USD is unlikely to weaken much further. Today, USD is more likely to trade in a range between 7.1350 and 7.1770."

1-3 WEEKS VIEW: "USD soared by 1.48% two days ago, closing at 7.2040. Yesterday (07 Nov, spot at 7.2020), we indicated that 'The surge in momentum suggests further USD strength, but severely overbought conditions suggest the pace and extent is likely to be more moderate.' We indicated that 'The level to watch on the upside is 7.2400,' and 'should USD breach 7.1300, it would indicate that the rally is ready to take a breather.' We did not anticipate the sharp pullback that reached a low of 7.1420. Although momentum has slowed, we will continue to hold the same view as long as 7.1300 is not breached.


Date

Created

 : 2024.11.11

Update

Last updated

 : 2024.11.11

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

    EUR/GBP bounces after UK Unemployment data miss, but Euro remains vulnerable

    EUR/GBP bounces off two-and-a-half year lows in the 0.8200s to trade back up in the 0.8330s on Wednesday after UK labor market data showed a rise in the Unemployment Rate which increased speculation the Bank of England (BoE) might cut interest rates in December.
    New
    update2024.11.13 22:42

    US Dollar tries to post fourth day of gains ahead of US CPI release

    The US Dollar (USD) tires to continue its uprising on Wednesday, signaling it still has fuel in its tank for a push higher supported by rising US yields.
    New
    update2024.11.13 21:25

    Gold bounces off major trendline, US inflation data incoming

    Gold (XAU/USD) trades just above $2,600 on Wednesday after the precious metal's November sell-off to seven-week lows found technical support at a major trendline.
    New
    update2024.11.13 20:50

    USD/THB: Bullish but overbought - OCBC

    USD/THB traded sharply higher, in part due to stronger US Dollar (USD), softer gold prices and in part, due to concerns over central bank autonomy.
    New
    update2024.11.13 20:45

    USD/SGD: Slight risk to the upside - OCBC

    USD/SGD inched higher, tracking moves in broad US Dollar (USD).
    New
    update2024.11.13 20:30

    Crude Oil trades stuck at $68 level ahead of API stockpile data

    Crude Oil trades broadly flat on Wednesday after an attempt on Tuesday to bounce off a supportive floor level near $68.00. The support came in the form of the monthly OPEC report, in which the Petroleum Exporting conglomerate penciled in a
    New
    update2024.11.13 20:23

    EUR/CAD finds interim support near 1.4800, downside bias stays afloat

    The EUR/CAD pair discovers temporary support near the round-level support of 1.4800 in European trading hours on Wednesday.
    New
    update2024.11.13 20:15

    New forecasts following US election - ABN AMRO

    Growth & inflation tariff impact to drive Fed-ECB divergence.
    New
    update2024.11.13 20:15

    USD/CNH: Policymakers attempt to slow pace of depreciation - OCBC

    USD/CNH traded higher but eased post CNY fix. Pair was last at 7.2236, OCBC's FX analysts Frances Cheung and Christopher Wong note.
    New
    update2024.11.13 20:00

    EUR/USD: Heavy downward bias on the day - OCBC

    The Euro (EUR) continued to trade lower amid political uncertainties in Germany.
    New
    update2024.11.13 19:44

    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