The US Dollar (USD) is showing mild upward pressure against the Chinese Yuan (CNH), with the potential to test the 7.1370 level, according to FX analysts Quek Ser Leang and Peter Chia from UOB Group.
24-Hour Outlook:
Yesterday, USD briefly rose above 7.1280, reaching 7.1290, before closing at 7.1265 (+0.08%). Analysts note that upward momentum has slightly increased, but it is expected to keep the pair within a higher trading range of 7.1220–7.1340 rather than sustaining a strong advance.
1–3 Weeks Outlook:
In the medium term, USD faces mild upward pressure. UOB notes that a decisive close above 7.1280 is required to extend gains toward 7.1370. While the current momentum gives a chance to test this level, it remains uncertain whether the USD can break through it. On the downside, a drop below 7.1140 would signal that the mild upward pressure has weakened.