USD/CNH can decline to the major support at 7.2300 – UOB Group

FXStreet Insights Team FXStreet

US Dollar (USD) is likely to trade in a range between 7.2500 and 7.2780 vs the Chinese Yuan (CNH). In the longer run, increase in momentum suggests USD could decline to the major support at 7.2300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Above 7.2960, USD/CNH to stop targeting the downside

24-HOUR VIEW: "Yesterday, when USD was at 7.2600, we highlighted the followings: 'As long as USD remains below 7.2800 (minor resistance is at 7.2710), it could dip below 7.2500 before stabilisation is likely. This time around, the major support at 7.2300 is unlikely to come into view.' Our view was not wrong, as USD fell to 7.2428, rebounded to 7.2677 and then closed largely unchanged at 7.2648 (+0.09%). USD has likely entered a range trading phase. Today, we expect it to trade between 7.2500 and 7.2780."

1-3 WEEKS VIEW: "Our update from yesterday (17 Feb, spot at 7.2600) is still valid. As highlighted, 'the increase in downward momentum suggests USD could decline the major support level at 7.2300.' A breach of 7.2960 (no change in ‘strong resistance’ level) will invalidate our view.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD remains unable to gather upside traction

EUR/USD keeps its bearish sentiment well in place following Tuesday’s deep decline, retesting the 1.1640 region on the back of humble losses in the US Dollar. In the meantime, investors should shift their attention to Thursday’s Initial Jobless Claims and comments from Fed officials.

GBP/USD trims gains, recedes toward 1.3420

Following its risk-linked peers, GBP/USD now faces some selling pressure and retreats toward the 1.3420 zone as US markets draw to a close on Wednesday. Moving forward, the British Pound is expected to closely follow Thursday’s data releases in the UK, including GDP figures.

Gold hits fresh record highs, targets $4,650

Gold extended its recovery on Wednesday, quickly shrugging off Tuesday’s setback and pushing to fresh all-time highs near $4,650 per troy ounce. The rally in the yellow metal was underpinned by a softer US Dollar, falling US Treasury yields, and growing expectations that the Federal Reserve could deliver additional rate cuts.

Ethereum Price Forecast: ETF and staking inflows drive ETH above $3,300

US-listed spot Ethereum (ETH) exchange-traded funds (ETFs) recorded about $130 million in net inflows on Tuesday, their largest in nearly a week, per SoSoValue data. BlackRock's ETHA recorded the largest inflow, attracting $53.3 million after four consecutive days of outflows.

US economic outlook: January 2026

Jerome Powell's eight-year tenure as Chair of the Federal Reserve is coming to a close during a period of intense pressure on the US central bank and divided views among policymakers about the appropriate stance of monetary policy.

Hyperliquid gains momentum amid staking, Open Interest rebound

Hyperliquid is showing renewed strength, trading above $26.00 at the time of writing on Wednesday, as bulls regain control following a period of consolidation. The rebound is largely supported by improving on-chain metrics and growing derivatives market activity.