USD/CNH: Likely to trade between 7.0300 and 7.1200 – UOB Group

FXStreet Insights Team FXStreet

The US Dollar (USD) is likely to trade with an upward bias; as upward momentum is only beginning to build, any advance is unlikely to threaten the major resistance at 7.1200. In the longer run, current price movements are likely part of a range trading phase; USD is likely to trade between 7.0300 and 7.1200, UOB Group’s FC analysts Quek Ser Leang and Lee Sue Ann note.

USD unlikely to threaten the major resistance at 7.1200

24-HOUR VIEW: “USD traded between 7.0665 and 7.0888 last Friday, narrower than our expected sideways trading range of 7.0650/7.0920. USD closed at 7.0684, but it opened on a firm note today. Upward is beginning to build, and today, USD is likely to trade with an upward bias. As momentum is only beginning to build, any advance is unlikely to threaten the major resistance at 7.1200 (there is another resistance level at 7.1040. Support levels are at 7.0780 and 7.0660.”

1-3 WEEKS VIEW: “Our latest narrative was from last Wednesday (09 Oct, spot at 7.0750), wherein ‘the current price movements are likely part of a range trading phase,’ and ‘for the time being, USD is expected to trade between 7.0300 and 7.1200.’ While there has been a slight increase in short-term upward momentum, we continue to hold the same view for now.”

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.

AUD/USD stays bid above 0.7100 on Australian trade data, Mideast optimism

AUD/USD clings to minor recovery gains above 0.7100 in the Asian session on Thursday as a new Israel-Lebanon ceasefire keeps a lid on the safe-haven US Dollar. Meanwhile, strong AustralianTrade Balane data also help the Aussie pair sustain the bounce from weekly lows.

USD/JPY hovers near the 160.00 intervention threshold on Mideast tensions

USD/JPY struggles to find acceptance above 160.00 and retreats from a one-month high in the Asian session on Thursday amid fears that authorities will step in again to prop up the Japanese Yen. Furthermore, a new Israel-Lebanon ceasefire caps the US Dollar and supports the currency pair. However, renewed US-Iran tensions keep the downside limited in the Greenback and the pair.

Gold rebounds from one-week low as Israel-Lebanon truce pressures safe-haven USD

Gold gains some positive traction on Thursday and climbs to the $4,475 area during the Asian session, reversing a major part of the previous day's slide to a one-week low. The Israel-Lebanon truce prompts some profit-taking around the US Dollar and supports the commodity.

Hyperliquid: ETF demand, capital rotation fuel HYPE rally as Bitcoin melts

Hyperliquid price sustains an upward trend near its all-time high of $75.76 on Thursday after posting 80% gains in May, while Bitcoin (BTC) retraces below $65,000, triggering a market-wide panic.

Kevin Warsh takes the Fed helm: What it means for the US Dollar

The Federal Reserve moves away from the highly predictable "forward guidance" model of the Jerome Powell era to a new “Kevin Warsh environment”, characterized by less communication, more policy surprises, and an increased focus on the Fed's complex balance sheet.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.