US Dollar (USD) could decline gradually vs Chinese Yuan (CNH); it does not appear to have enough momentum to break below 7.2260.
US Dollar could decline gradually vs Chinese Yuan ; it does not appear to have enough momentum to break below 7.2260. In the longer run, downward pressure remains intact; should USD break below 7.2260, the next level to watch is 7.
2000, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. Downward pressure remains intact 24-HOUR VIEW: After the sharp drop in USD two days ago, we highlighted the following yesterday: 'The decline appears excessive, but with no signs of stabilisation just yet, further weakness is not ruled out. However, given the deeply oversold conditions, any decline is likely part of a lower range of 7.2400/7.2800.” Instead of trading in a range, USD fell to a low of 7.2330. Downward momentum has increased, albeit not much. Today, provided that USD remains below 7.2780 , it could decline gradually. However, it does not appear to have enough momentum to break below 7.2260. 1-3 WEEKS VIEW: We highlighted yesterday that USD 'could remain under pressure,' and we pointed out that 'there is a pair of strong supports at 7.2400 and 7.2260.' USD then fell to a low of 7.2330. The downward pressure remains intact, and should USD break below and hold below 7.2260, the next level to watch is 7.2000. To maintain the downward pressure, USD must not remain below 7.2880 .
Please follow us on Google to support us United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CNH: Set to test the strong resistance at 7.2705Rebound has gained some momentum; chance for US Dollar (USD) to test the strong resistance at 7.2705 vs Chinese Yuan (CNH).
Read more »
USD/CNH: Strong support levels at 7.2420 and 7.2350 may stall the fall– UOB GroupUS Dollar could edge lower vs Chinese Yuan (CNH), but there is a pair of strong support levels at 7.2420 and 7.2350.
Read more »
USD/CNH: China economic activity edges up in FebruaryUSD/CNH is up above 7.3000 and stocks in China are trading on the defensive ahead of new US tariffs tomorrow, BBH FX analysts report.
Read more »
USD/CNH: Potential for USD to rise to 7.3250US Dollar (USD) is likely to edge higher vs Chinese Yuan (CNH); mild momentum suggests any advance is likely limited to a test of 7.3150. Strong advance indicates there is potential for USD to rise to 7.3250, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Read more »
USD/CNH: China's 2025 fiscal deficit target is highest in over three decadesUSD/CNH is consolidating near recent lows around 7.2600. China boosts fiscal spending.
Read more »
USD/CNH: Decline is likely part of a lower range of 7.2400/7.2800Further US Dollar (USD) weakness vs Chinese Yuan (CNH) is not ruled out, but any decline is likely part of a lower range of 7.2400/7.2800.
Read more »