A strong impulse suggests a greater weakness of the US dollar (USD) against Japanese Yuan (CNH), but any fall might not be able to break the main support in 145.75. In the long term, the rapid increase in the impulse indicates that the USD could weaken up to 145.75, the FX analysts of UOB Group, quek being Leang and Peter Chia.
The USD has the opportunity to weaken up to 145.75
24 -hour vision: “We do not anticipate that the USD will fall abruptly yesterday (we expected a range in range). A strong downward impulse suggests a greater weakness of the USD. However, due to the overall conditions, any fall might not be able to break the main support in 145.75. On the positive side, the resistance levels are in 147.00 and 147.40.”
Vision at 1-3 weeks: “In our most recent narrative last Thursday (July 16, Spot at 148.30), we highlight that the USD is expected to trade in a range of 146.90/149.20. Yesterday, we indicated that ‘there has been a slight increase in the downward impulse, but not enough to indicate a continuous fall for now.’ We did not expect the USD to fall sharply for the second consecutive day.
Source: Fx Street
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