24-hour view:\u00a0Our view from last Friday was that USD \u201ccould decline towards 7.2800, but it is unlikely to break below this major support level.\u201d Our view was not wrong, as USD dropped to a low of 7.2812 before rebounding. The rebound has room to extend, but it is unlikely to break the strong resistance level at 7.3200. Support is at 7.2950, followed by 7.2850.\u00a0<\/p>\n<\/blockquote>\n
\nNext 1-3 weeks:\u00a0Last Friday (29 Sep, spot at 7.2975), we highlighted that \u201cdownward momentum is beginning to build.\u201d We added, USD \u201chas to break and stay below 7.2800 before a sustained decline is likely.\u201d USD then dropped to a low of 7.2812 before rebounding. We continue to hold the same view for now. If USD breaks above 7.3200 (no change in \u2018strong resistance\u2019 level), it would mean that USD is likely to continue to trade in a range.\u00a0<\/p>\n<\/blockquote><\/div>\n","protected":false},"excerpt":{"rendered":"
Share: Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group note that further downside looks likely once USD\/CNH breaches the 7.2800 level. Key Quotes 24-hour view:\u00a0Our view from last Friday was that USD \u201ccould decline towards 7.2800, but it is unlikely to break below this major support level.\u201d Our view […]<\/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-166570","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\/166570","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=166570"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166570\/revisions"}],"predecessor-version":[{"id":166571,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166570\/revisions\/166571"}],"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=166570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=166570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=166570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}