USD/CNH: The support in 7,1700 is again in sight – UOB Group

Lateral trade seems likely; A stronger underlying tone suggests a higher range of 7,1950/7,2200. In the long term, the renewed bearish impulse suggests that 7,1700 is again in sight, the FX analysts of UOB Group, to be Leang and Peter Chia.

Lateral trade seems likely

24 hours seen: “The USD fell to 7,1791 on Tuesday and bounced. Yesterday, Wednesday, we indicated that ‘the bassist impulse has vanished with the rebound.’ We also indicate that the USD ‘will probably be traded laterally, probably between 7,1850 and 7,2100.’ Then, the USD was negotiated in a range of 7,1919/7.2158, closing in 7,2118, an increase of 0.21%.

View 1-3 weeks: “We have maintained a negative perspective of the USD since the beginning of last week. As we follow the price movements, we indicated two days ago (May 13, counted in 7.2000) that ‘the renewed bearish impulse suggests that 7,1700 could be in sight again.’ While the USD has not been able to advance significantly down, we will maintain our perspective as long as 7.2330 is not broken (without change in the level of ‘strong resistance’). “

Source: Fx Street

You may also like