The rebound has gained some impulse; There is an opportunity for the US dollar (USD) to try the strong resistance in 7,2705 against the Chinese Yuan (CNH). In the long term, the inability to stay below 7,2300 has decreased the probability of a greater drop in the USD, the FX analysts of UOB Group, to be Leang and Peter Chia.
The rebound has gained some impulse
24 -hour view: “We expected the USD ‘to be located laterally between 7,2350 and 7,2650” yesterday. However, the USD fell briefly to 7,2264, bouncing to close without changes in 7,2543. The rebound won some impulse, and today there is an opportunity for the USD to try the strong resistance in 7,2705. At the bottom, support levels are at 7,2430 and 7,2350. “
View 1-3 weeks: “We have expected the USD to fall since the beginning of last week. After the USD fell and almost reached our technical goal of 7,2300 last Thursday (the minimum has been 7,2314), we highlighted on Friday ( February 21, for 7,2400) that “to continue falling, the USD must break and stay below 7,2300. ‘ Yesterday, the USD fell below 7,2300 but bounced strongly from 7,2264. The inability to stay below 7,2300 has decreased the probability of a greater fall. In the upper part, a break of 7,2705 (without change in the level of ‘strong resistance’) would indicate that the weakness of the USD has stabilized. “
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.
