US Dollar (USD) could edge lower but is unlikely to break the support at 6.9520. In the longer run, USD remains neutral but is now expected to trade in a lower range of 6.9520/6.9900, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
USD/CNH is expected to trade in a lower range of 6.9520/6.9900
24-HOUR VIEW: “We expected USD to ‘trade in a range between 6.9650 and 6.9770’ yesterday. However, after rising to 6.9738, USD dropped to a low of 6.9614. The decline has resulted in a slight increase in downward momentum. Today, USD could edge lower, but it is unlikely to break the support at 6.9520. On the upside, resistance levels are at 6.9680 and 6.9750.”
1-3 WEEKS VIEW: “We have held a neutral USD view since last week. In our latest narrative from Tuesday (13 Jan, spot at 6.9710), we stated that USD ‘remains neutral but is now expected to trade in a lower range of 6.9520/6.9900’. Our view remains unchanged.”
Source: https://www.fxstreet.com/news/usd-cnh-unlikely-to-break-the-support-at-69520-uob-group-202601161145
