USD/CNH: Any decline is unlikely to reach the major support at 7.2430 – UOB Group

Source Fxstreet

Scope for US Dollar (USD) to continue to weaken vs Chinese Yuan (CNH); any decline is unlikely to reach the major support at 7.2430. In the longer run, sharp but short-lived price action has resulted in a mixed outlook; USD is likely to trade between 7.2430 and 7.3700 for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD is likely to trade between 7.2430 and 7.3700 for now

24-HOUR VIEW: "Yesterday, we expected USD to 'trade in a range of 7.3300/7.3900.' Instead of trading in a range, USD plummeted to 7.3000. While there is scope for USD to continue to weaken, oversold conditions suggest any decline is unlikely to reach the major support at 7.2430 (there is another support at 7.2700). On the upside, 7.3400 is a strong resistance level (minor resistance is at 7.3250)."

1-3 WEEKS VIEW: "After the sharp rally in USD to 7.4288, we indicated two days ago (09 Apr, spot at 7.4100) that the 'surge in momentum indicates that USD is likely to continue to rise, and the level to monitor is 7.4500.' Our view was invalidated quickly as USD plunged and broke below our ‘strong support’ level of 7.3100 yesterday. The sharp but short-lived price action has resulted in a mixed outlook. For the time being, USD is likely to trade between 7.2430 and 7.3700."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold price loses momentum on profit-taking The Gold price (XAU/USD) holds steady on Friday after retreating from an all-time high of $3,358 as investors book profits during a long Easter weekend.
Author  FXStreet
10 hours ago
The Gold price (XAU/USD) holds steady on Friday after retreating from an all-time high of $3,358 as investors book profits during a long Easter weekend.
placeholder
Ethereum Price Fights for Momentum—Traders Watch Key ResistanceEthereum price started a fresh decline below the $1,620 zone. ETH is now consolidating and might attempt to recover above the $1,620 resistance. Ethereum started a fresh decline below the $1,620 and
Author  NewsBTC
10 hours ago
Ethereum price started a fresh decline below the $1,620 zone. ETH is now consolidating and might attempt to recover above the $1,620 resistance. Ethereum started a fresh decline below the $1,620 and
placeholder
XRP Price Weakens—Further Losses on The Table?XRP price started a fresh decline below the $2.120 zone. The price is now consolidating above $2.00 and remains at risk of more losses below $2.00. XRP price started a fresh decline below the $2.150
Author  NewsBTC
10 hours ago
XRP price started a fresh decline below the $2.120 zone. The price is now consolidating above $2.00 and remains at risk of more losses below $2.00. XRP price started a fresh decline below the $2.150
placeholder
WTI drifts higher to near $63.50 on trade deal hopes, fresh Iran sanctionsWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $63.50 during the Asian session on Friday. The WTI price edges higher to a two-week high amid hopes for a trade deal between the United States and the European Union and fresh US sanctions on Iran.
Author  FXStreet
10 hours ago
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $63.50 during the Asian session on Friday. The WTI price edges higher to a two-week high amid hopes for a trade deal between the United States and the European Union and fresh US sanctions on Iran.
placeholder
Dogecoin (DOGE) Under Pressure—Bearish Setup Could Trigger Sell-OffDogecoin started a fresh decline from the $0.1680 zone against the US Dollar. DOGE is consolidating and might extend losses below the $0.150 support. DOGE price started a fresh decline below the
Author  NewsBTC
10 hours ago
Dogecoin started a fresh decline from the $0.1680 zone against the US Dollar. DOGE is consolidating and might extend losses below the $0.150 support. DOGE price started a fresh decline below the
goTop
quote