USD/CNH: Likely to trade sideways between 7.2570 and 7.2820 – UOB Group
US Dollar (USD) is likely to trade sideways vs Chinese Yuan (CNH) between 7.2570 and 7.2820. In the longer run, momentum has improved further; USD could continue to rise to 7.2980, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD can continue to rise to 7.2980
24-HOUR VIEW: "After USD rose to 7.2822 two days ago, we highlighted yesterday that 'although there has been no clear increase in upward momentum, there is scope for USD to test 7.2855.' We pointed out, 'support levels are at 7.2720 and 7.2650.' Our expectations did not materialise, as USD traded in a 7.2658/7.2791 range, closing at 7.2671 (-0.16%). The price action appears to be part of a sideways trading range, mostly likely between 7.2570 and 7.2820."
1-3 WEEKS VIEW: "Momentum has improved further; USD could continue to rise to 7.2980. On Wednesday (26 Mar, spot at 7.2655), highlighted that 'there appears to be enough momentum for USD to rise to 7.2820.' After USD rose to 7.2822, we highlighted yesterday (27 Mar, spot at 7.2765) that 'momentum has improved further, and we continue to expect USD to rise, and the next level to monitor is 7.2980.' We will maintain our view as long as the ‘strong support’ at 7.2500 (no change in level from yesterday) is intact."
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