USD/CNH risks further pullbacks below 7.1800 – UOB

if it breaches 7.1800, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: We noted yesterday that “the underlying tone still appears to be soft” and we expected USD to trade with a downward bias. However, we held the view that “7.1800 is still likely out of reach.” Our view turned out to be correct as USD fell to a low of 7.1950. Downward momentum has improved, and today, barring a break above 7.2260 , USD is likely to break below 7.1800.

Next 1-3 weeks: Our latest narrative was from two days ago wherein “the risk of USD pulling back below 7.1800 has increased.” Yesterday would indicate that USD is not ready to head lower. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

USD/JPY risks further weakness in the short term – UOBExtra decline could see USD/JPY revisit the 140.00 neighbourhood in the next few weeks, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategi
Source: FXStreetNews - 🏆 14. / 72 Read more »

NZD/USD faces further range bound near term – UOBIn the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, NZD/USD is likely to navigate within the 0.6130-0.6250 rang
Source: FXStreetNews - 🏆 14. / 72 Read more »

AUD/USD faces further consolidation near term – UOBEconomist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group expect AUD/USD to extend its consolidative range in the short-term horizon. K
Source: FXStreetNews - 🏆 14. / 72 Read more »

EUR/USD: A test of the 2023 high appears on the cards – UOBUOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang note EUR/USD now targets the 1.1050 region in the near term. Key Quotes 24-hou
Source: FXStreetNews - 🏆 14. / 72 Read more »