Created
: 2025.08.04
2025.08.04 21:00
US Dollar (USD) could edge lower against Chinese Yen (CNH), but any decline might not be able to reach 7.1750. In the longer run, USD appears to have moved into a 7.1600/7.2240 range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "USD dropped by 0.26% last Friday, closing at 7.1910. There has been a buildup in downward momentum, albeit not by much. Today, USD could edge lower, but any decline might not be able to reach 7.1750 (there is another support level at 7.1820). Resistance is at 7.1970, followed by 7.2080."
1-3 WEEKS VIEW: "After USD surged to a high of 7.2140, we highlighted last Thursday (31 Jul, spot at 7.2040), that 'the sharp rally appears to be excessive, but as long as USD holds above 7.1750 ('strong support' level), there is a chance for it to rise further to 7.2250.' Last Friday, USD rose to a high of 7.2240 and then dropped sharply, reaching a low of 7.1888. While our 'strong support' level has not been breached yet, upward momentum has fizzled out after the sharp decline. USD appears to have moved into a range trading phase. For the time being, we expect USD to trade in a range of 7.1600/7.2240."
Created
: 2025.08.04
Last updated
: 2025.08.04
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.
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].
Disclaimer:
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.
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