Further weakness could drag USD/CNH to the 7.2700 region in the short-term horizon, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Q
uek Ser Leang. Key Quotes 24-hour view:We did not expect USD to drop to a low of 7.2848 yesterday . The decline has gathered considerable momentum. Today, USD is likely to head lower and possibly break 7.2700 . In order to keep the momentum going, USD must stay below 7.3060 .
Next 1-3 weeks:Yesterday , we highlighted that USD is likely to trade in a range between 7.2950 and 7.3400. We did not expect it to drop to a low of 7.2848. Downward momentum is improving, and there is a chance for USD to break below the next support at 7.2700. If USD breaks clearly below this level, it could potentially trigger a rapid drop to 7.2400. On the upside, if USD breaks above 7.3200, it would mean that the momentum buildup has fizzled out.
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