The soft underlying tone suggests that the US dollar (USD) could fall below 7,1600 against the Chinese Yuan (CNH); The main support in 7,1450 is probably out of reach for now, the FX analysts of UOB Group, to be Leang and Peter Chia.
The main support in 7,1450 is probably out of reach
24 -hour vision: “On Tuesday, we expected the USD to go down slightly. After the USD drops slightly, we affirmed yesterday (Wednesday) that ‘although there has not been a significant increase in the downward impulse, we continue to see space for the USD to fall slightly, but given the current impulse, any fall is unlikely that it reaches 7,1450.’ We notice that ‘the resistance levels are in 7,1750 and 7,1800.’ However, instead of lowering slightly, the USD was negotiated in a range of 7,1618/7,1795, closing slightly higher by 0.10% to 7,1713. They are in 7,1720 and 7,1785. ”
Vision to 1-3 weeks: “There has been an attempt in the impulse; the USD will probably go down to 7,1450. After waiting for the USD to be negotiated in a range for approximately two weeks, we review our vision to slightly negative yesterday (June 25, spot in 7,1680). 7,1950, not overcome, the USD will probably go down to 7,1450. “Our vision remains unchanged.”
Source: Fx Street
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