24-hour view:\u00a0We expected USD to strengthen yesterday, but we were of the view that it \u201cis unlikely to threaten the major resistance at 7.3400.\u201d We clearly did not expect the \u2018sudden\u2019 sharp selloff that sent it plunging by 0.41% (NY close of 7.2915). While the sharp drop appears to be overdone, there are no signs of stabilisation yet. Today, USD could decline towards 7.2800, but it is unlikely to break below this major support level. Resistance is at 7.3050; a breach of 7.3105 would indicate that the decline in USD has stabilised.<\/p>\n<\/blockquote>\n
\nNext 1-3 weeks:\u00a0Our latest narrative was from last Thursday (21 Sep, spot at 7.3150), wherein the recent downward pressure has faded, and USD is likely to trade in a range, probably between 7.2800 and 7.3400. Yesterday, USD fell sharply by 0.41% (NY close of 7.2915). Downward momentum is beginning to build. However, USD has to break and stay below 7.2800 before a sustained decline is likely. Looking ahead, if USD breaks clearly below 7.2800, it could trigger a rapid drop towards 7.2600, potentially below this level. Conversely, if USD breaks the \u2018strong resistance\u2019 at 7.3200, it is likely to continue to trade in a range<\/p>\n<\/blockquote><\/div>\n","protected":false},"excerpt":{"rendered":"
Share: USD\/CNH risks a potential pullback to 7.2600 once it breaches 7.2800. comment UOB Group\u2019s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia. Key Quotes 24-hour view:\u00a0We expected USD to strengthen yesterday, but we were of the view that it \u201cis unlikely to threaten the major resistance at 7.3400.\u201d We clearly did […]<\/p>\n","protected":false},"author":2,"featured_media":165159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[299,201,248,251,246,298,257,276,255,250,252,247,253,249,12288,256,254],"class_list":["post-165158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-banks","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-crosses","tag-cryptocurrency","tag-currencies","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-usdcnh","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=165158"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165158\/revisions"}],"predecessor-version":[{"id":165160,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165158\/revisions\/165160"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/165159"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=165158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=165158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=165158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}