The US dollar (USD) is expected to be between 7,2070 and 7,2370 against the Chinese yuan (CNH). In the long term, the USD could trade in a range for a few days before resuming its decline; The level to be observed is 7,1700, says the FX analysts of UOB Group, to be Leang and Peter Chia.
The USD can trade in range for a few days
24 -hour vision: “Yesterday, we point out that ‘the prospects for the USD are mixed’ and we expected that ‘trade in a range of 7,1900/7,2300.’ Our opinion was not wrong, since the USD traded between 7,1895 and 7,2298.
Vision at 1-3 weeks: “Two days ago, on May 6, when the USD was at 7,2150, we highlight that ‘although a greater decline remains possible, the short-term overall conditions suggest that the USD can trade in a range for a few days before resuming its decline.’ We add, ‘The level to be observed is 7,1700.’ There are no changes in our opinion.
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.
