Further sharp declines appear likely; support is at 6.9700.
Not unreasonable to expect further US Dollar weakness, particularly when there are no significant support levels close by, UOB Group FX strategists Quek Ser Leang and Peter Chia note. USD/CNH to continue to trade lower 24-HOUR VIEW: “The sharp selloff that sent USD plunging yesterday took us by surprise . Not surprisingly, further USD weakness seems likely today. As the next support is some distance away at 6.9700, we could continue to see sharp declines today.
” 1-3 WEEKS VIEW: “We turned negative in USD last Friday , indicating that it “is likely to trade with a downward bias towards 7.0500.” After USD fell sharply, in our most recent narrative from two days ago , we indicated that “the sharp decline has resulted in further increase in downward momentum, and USD is likely to continue to weaken, potentially to 7.0100.” Yesterday, USD fell to 7.0117. Today, USD fell below 7.0000.
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: The strong resistance moves to 7.1460The ‘strong resistance’ level for the US Dollar (USD) has moved lower to 7.1460 from 7.1750, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.
Read more »
USD/CNH: Bears may break below 7.1150 towards 7.0636The US Dollar (USD) is likely to trade sideways between 7.1150 and 7.1350.
Read more »
USD/CNH: 7.0636 is out of reach for nowProvided that 7.1130 is not breached, the US Dollar (USD) could continue to decline; the likelihood of it reaching 7.0636 is not high.
Read more »
USD/CNH: Mild rebound riskUSD/CNH traded a low of 7.0710 last Fri following the break below 7.10 psychological level, OCBC’s FX analyst Christopher Wong notes.
Read more »
USD/CNH: A break above 7.1330 is not ruled outA break above the major resistance at 7.1330 is not ruled out; a sustained rise above this level seems unlikely for now.
Read more »
USD/CNH: Declines could be relatively limitedFurther US Dollar (USD) weakness appears likely; oversold conditions suggest declines could be relatively limited.
Read more »