UOB Group's FX analysts predict the US Dollar (USD) may rise to 7.3550 before stabilizing. While the major resistance at 7.3700 is not anticipated in the near term, there's potential for USD to retest this level in the longer run. However, whether it can break and sustain above 7.3700 remains uncertain.
US Dollar could edge higher to 7.3550 before levelling off; the major resistance at 7.3700 is not expected to come into view. In the longer run, room for USD to retest the 7.3700 level; it is too early to determine if it can break and remain above this level, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.Some room for USD /CNH to retest the 7.
’ USD then traded in a narrower range than expected , closing largely unchanged at 7.3415 . Despite the quiet price action, upward momentum appears to be building, albeit tentatively. Today, USD could edge higher to 7.3550 before levelling off. The major resistance at 7.3700 is not expected to come into view. Support levels are at 7.3350 and 7.3250.”1-3 WEEKS VIEW: “Yesterday , we pointed out that ‘as long as 7.3050 is not breached, there is room for USD to retest the 7.3700 level.
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