USD/CNH: Breaking 7.3000, The Exchange Rate Will Eventually Rise To 7.3100

USD/CNH could move higher. Analysts at UOB Group note that any upside move is unlikely to hit the important resistance levels of 7.3000 and 7.3100.

USD/CNH would turn lower if it falls below 7.2700

24-hour view: We noted yesterday that ‘price action still appears to be in a sideways phase’. We expect USD/CNH to trade between 7.2750/7.2910. Subsequently, the pair moved in a tighter range between 7.2763 and 7.2907. Despite the lackluster price action, momentum has slightly strengthened. Today, the pair could move higher, but any upside move is unlikely to hit the important resistance level of 7.3000. Note that another resistance level is at 7.2945. Support levels are at 7.2830 and 7.2780.

1-3 Weeks View: “We expected a stronger pair since the beginning of last week. In our last report on Friday (June 21, spot price 7.2920), we said, ‘Further strength is possible, with resistance levels to watch at 7.3000 and 7.3100. Although the pair has failed to move further up, we still hold the same view. However, a break below 7.2700 (‘strong support’ level remains unchanged) would mean that further strength is not possible.

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