USD/CNH: Upward momentum might lead to USD testing 7.1220 – UOB Group
Slight increase in upward momentum could lead to US Dollar (USD) testing 7.1220. In the longer run, for the time being, USD is likely to trade between 7.1020 and 7.1285, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is likely to trade between 7.1020 and 7.1285
24-HOUR VIEW: "We expected USD to 'trade in a range between 7.1020 and 7.1170'. However, USD rose to a high of 7.1206. The slight increase in upward momentum could lead to USD testing 7.1220. A clear break above this level is unlikely. Support is at 7.1120 and 7.1080."
1-3 WEEKS VIEW: "After holding a negative USD stance for several days, we highlighted on Tuesday (18 Nov, spot at 7.1100) that 'downward momentum is starting to slow, and if USD breaks above 7.1170 (‘strong resistance’ level), it would mean that the weakness from the middle of last week has stabilised'. Yesterday, USD broke above 7.1170 as it rose to a high of 7.1206. As indicated, the USD weakness has stabilised, and for the time being, we expect USD to trade between 7.1020 and 7.1285."
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