USD/CNH: Downside pressure looks mitigated above 7.2000 – UOB – by pabspiovano China Currencies Banks Crosses
now appears to have lost some traction according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: We highlighted yesterday that “the soft underlying suggests USD could test 7.1240.” While USD broke below 7.1240 , it staged a sharp rebound to 7.1774. Today, USD could rebound further, but it is unlikely to threaten 7.2000 . On the downside, if USD breaks below 7.1500 , it would mean that USD is not rebounding further.
Next 1-3 weeks: Two days ago , we highlighted that “downward momentum has increased, and there is room for USD to weaken further.” We added, “it is worth noting that there are a couple of strong support levels at 7.1240 and 7.1000.” Yesterday, USD fell to a low of 7.1170 before rebounding strong. The buildup in downward momentum appears to be fading. From here, if USD breaks above 7.2000 , it would suggest that 7.1000 is not coming into view this time around.
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