Back

USD/CNH: Trades upward towards 7.2910 for now – UOB Group

Risk for is for the US Dollar (USD) rising, but any advance is expected to face strong resistance at 7.2910, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

USD to trade with a downward bias towards 7.2400

24-HOUR VIEW: “We highlighted last Friday that USD ‘could test 7.2550 first before stabilisation is likely.’ Our view did not materialise as USD traded between 7.2634 and 7.2784. While USD closed largely unchanged at 7.2710 (+0.05%), it opened and traded on a strong footing in Asia today. Upward momentum is improving, and the risk for USD rising today. However, any advance is expected to face strong resistance at 7.2910. On the downside, support levels are at 7.2750 and 7.2650.”

1-3 WEEKS VIEW: “Last Friday (12 Jul, spot at 7.2685), we were of the view that USD ‘is likely to trade with a downward bias towards 7.2400.’ We highlighted that ‘the downward bias is intact as long as USD remains below 7.2910.’ There is no chance in our view.”

USD/JPY: Rangebound within 157.55/159.55 – UOB Group

The US Dollar (USD) is expected to trade in a 157.55/159.55 range.
Read more Previous

US: Cooling Jun CPI adds to “more good data” for Fed’s confidence to cut rates – UOB Group

US Jun CPI surprised with a -0.1% m/m fall, the first decline since the start of the pandemic while core inflation rose by 0.1% the slowest m/m pace since Jan 2021, UOB Group FX analyst Alvin Liew note.
Read more Next