USD/CNH: TRADES IN A WIDE RANGE OF 7.2600/7.3100– UOB GROUP
The US Dollar (USD) is still trading in a 7.2600/7.3100 range, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.
Wobbles in the 7.2600/7.3100 range continue
24-HOUR VIEW: “We noted yesterday that ‘there has been a slight increase in momentum.’ We expected USD to edge higher, but we highlighted that ‘as upward momentum is not strong, any advance is unlikely to reach 7.2980.’ Our view was not wrong, even though the advance in USD almost reached 7.2980 (high has been 7.2973). Upward momentum has increased further, albeit not much. We continue to expect USD to edge higher, but today, the advance is unlikely to reach 7.3100 (there is another resistance level at 7.3035). Support is at 7.2900, followed by 7.2820.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.