The panorama is mixed; The US dollar (USD) will probably be negotiated in a range of 7,1900/7,2300 against the Chinese Yuan (CNH). In the long term, the USD could operate in the range for a few days before resuming its decline; The level to be monitored is 7,1700, the FX analysts of UOB Group, to be Leang and Peter Chia point out.
The USD can operate in range for a few days
24 hours View: “The USD fell to a minimum of 7,1846 on Monday and then bounced. Yesterday, we pointed out that ‘the rebound in the middle of an apparent positive divergence suggests that there is room for the USD to rise more to 7,2400.’ Subsequently, the USD rose but only reached 7,2351, backing sharply from the maximum.
View 1-3 weeks: “We continue to maintain the same opinion as yesterday (May 6, spot in 7,2150). As stood out, ‘although a greater decline remains possible, short-term overall conditions suggest that the USD can operate in the range for a few days before resuming its decline.’ The level to be monitored is 7,1700.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
