The US dollar (USD) probably trades in a range between 7,1440 and 7,1630 against the Chinese Yuan (CNH). In the long term, the USD’s perspective is negative; It could fall to 7,1295, the FX analysts of UOB Group, to be Leang and Peter Chia.
USD perspective is negative
24 -hour view: “Wednesday, the USD fell and closed down at 7,1514, lowering 0.25%. Yesterday, when the USD was in 7,1500, we affirmed that ‘the risk for the USD is still on the negative side.’ However, we indicate that ‘the significant support level in 7,1295 is probably out of reach for now (there is another level of support in 7,1400).’ Subsequent price movements were not as expected.
View 1-3 weeks: “After maintaining a neutral position on the USD for more than a week, we review our perspective to negative yesterday (July 24, Spot in 7,1500). We indicate that the USD ‘could fall to 7,1295.’ We will keep our perspective as long as the USD remains below the level of ‘strong resistance’ of 7,1730. “
Source: Fx Street
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