USD/CNH: Next resistance at 7.2180 is unlikely to come under threat – UOB Group

FXStreet Insights Team FXStreet

Chance for US Dollar (USD) to edge above 7.2100 before leveling off against Chinese Yuan (CNH); next resistance at 7.2180 is unlikely to come under threat. In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD is likely to trade in a range between 7.1800 and 7.2300

24-HOUR VIEW: "We expected USD to 'trade in a range of 7.1800/7.2000' last Friday. However, after dipping to 7.1814, USD rose quickly and reached 7.2099. Despite the advance, there has been no clear increase in momentum. That said, there is a chance for USD to edge above 7.2100 before leveling off. The next resistance at 7.2180 is unlikely to come under threat. Support levels are at 7.1960 and 7.1890."

1-3 WEEKS VIEW: "There is not much to add to our update from last Thursday (29 May, spot at 7.2025). As indicated, USD 'is likely to trade in a range between 7.1800 and 7.2300 for now'.”

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FXStreet Insights Team

FXStreet

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