USD/CNH: Unlikely to threaten the major support at 7.1435 – UOB Group

Explore key highlights in the AI & Blockchain house. This article dives into: “USD/CNH: Unlikely to threaten the major support at 7.1435 – UOB Group”.

US Dollar (USD) may edge decrease however is unlikely to threaten the major support at 7.1435. In the longer run, quickly rising downward momentum signifies USD may drop beneath 7.1435; it’s unclear now if 7.1290 is inside attain, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.

Downward momentum signifies USD can at least 7.1435

24-HOUR VIEW: “Our view that USD ‘could drop below July’s low of 7.1435’ yesterday was incorrect. USD dropped briefly to 7.1473, rebounded strongly to 7.1650, and then eased to close largely unchanged at 7.1535 (-0.06%). Despite the choppy price action, the underlying tone appears soft. Today, we expect USD to edge lower, but given the mild downward pressure, any decline is unlikely to threaten 7.1435. On the upside, resistance levels are at 7.1600 and 7.1650.”

1-3 WEEKS VIEW: “Our update from yesterday (26 Aug, spot at 7.1580) remains valid. As pointed out, ‘the rapidly increasing downward momentum indicates USD could drop below July’s low of 7.1435.’ However, currently, it is unclear if the next support at 7.1290 is within reach. We will maintain our negative view as long as 7.1800 (no change in ‘strong resistance’ level) is not breached.”

More to Explore

Learn about key developments in the Crypto Trading ecosystem. This article explains: “USD/CNH: Unlikely to threaten the major support at 7.1435 – UOB Group”.

• Bitcoin market information & on-chain developments
• Altcoin picks, value strikes & ecosystem updates
• DeFi improvements, protocols & yield methods
• NFT & Web3 tasks remodeling digital possession
• Airdrop & Bounty campaigns to declare and earn
• Mining & Staking guides, rewards & profitability suggestions
• Exchanges & Wallets critiques & safety features
• Security & Scams to keep away from in crypto investing
• Price Analysis for smarter choices and insights
• AI & Blockchain merging intelligence with decentralization
• CBDCs & Stablecoins from banks and blockchain tasks
• Crypto Regulations and authorized frameworks shaping the business
• Trading & Signals with methods and alerts
• Events & Conferences worldwide in the crypto house

Connected Crypto Coverage

• Explore BlockTrend for professional takes on blockchain developments & developments
• Visit SFBNEWS for information and auto-fed crypto headlines
• Check i-News for contemporary international crypto headlines & breaking tales
• Claim & earn with trusted drops on i-Coin — your faucet & incomes hub
• Learn crypto the good approach on i-VIP — sensible tutorials, guides & suggestions for freshmen

[ad_3]

Source & Attribution

This article is customized from www.fxstreet.com. We’ve restructured and rewritten the content material for a broader viewers with improved readability and search engine optimization formatting.

More from CryptoCoil

Check out CryptoCoil for expert-written guides.

All Articles & Topics

Visit our sitemap web page to view CryptoCoil Sitemap — full content material navigation.