USD/CNH: The next resistance above 7.3100 is at 7.3200 – UOB Group

July 3, 2024 10:07 am

The US Dollar (USD) could edge above 7.3100. The next resistance at 7.3200 is unlikely to come into view, but it is too early to tell if the next significant resistance at 7.3400 will come into view, UOB Group analysts note.

USD can edge above 7.3100

24-HOUR VIEW: “Yesterday, we indicated that ‘there is a chance for USD to edge above 7.3100, but it is unlikely to be able to maintain a foothold above this level.’ However, USD traded in a narrow range between 7.3029 and 7.3094, closing at 7.3072 (+0.02%). The underlying tone still appears to be firm, and we continue to expect USD to edge above 7.3100. The next resistance at 7.3200 is unlikely to come into view. Support levels are at 7.3020 and 7.2980.”

1-3 WEEKS VIEW: “In our most recent narrative from last Thursday (27 Jun, spot at 7.2990), we indicated that USD could break above 7.3100, but it is too early to tell if the next significant resistance at 7.3400 will come into view. We added, ‘only a breach of 7.2800 would mean that the advance in USD from the middle of the month has ended.’ While we continue to hold the same view, the ‘strong support’ level has moved higher to 7.2880 from 7.2800 previously.”

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