USD/CNH: Selling bias alleviated above 7.2000 – UOB – by pabspiovano China Currencies Crosses Banks
24-hour view: We expected USD to rebound further last Friday, but we held the view that “it is unlikely to threaten 7.2000.” Instead of rebounding further, USD traded in a range of 7.1448/7.1780 before closing at 7.1490. The underlying tone has softened, and today, USD is likely to edge lower. However, any decline is unlikely to threaten last week’s low of 7.1170 . On the upside, if USD breaks above 7.1700 , it would mean that the current mild downward pressure has eased.
Next 1-3 weeks: Last Wednesday , we highlighted that “downward momentum has increased, and there is room for USD to weaken further.” We added, “it is worth noting that there are a couple of strong support levels at 7.1240 and 7.1000.” After USD dropped to 7.1170 and rebounded, we highlighted last Friday that “If USD breaks above 7.2000 it would suggest that 7.1000 is not coming into view this time around.” We continue to hold the same view.
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