USD/CNH: Resistance at 7.2180 Unlikely to be Tested – UOB Group

USD/CNH Rally Lacks Momentum Despite Push Toward 7.2100

The US Dollar (USD) rallied to nearly 7.2100 against the Chinese Yuan (CNH) last Friday, surprising markets after dipping to a low of 7.1814 earlier in the session. However, analysts at UOB Group say that while further upside cannot be ruled out, resistance at 7.2180 is not expected to be breached.

Near-Term View – Limited Upside Past 7.2100

UOB notes that momentum behind the USD rally is weak, which suggests limited follow-through. They maintain that the pair could edge slightly above 7.2100 but will likely stabilize shortly afterward.

“Support is located at 7.1960 and 7.1890. Resistance remains at 7.2100, with 7.2180 unlikely to be threatened in the near term.”

Broader Outlook – Range-Bound Between 7.1800 and 7.2300

The 1-3 week view remains unchanged from last week, with UOB reiterating that USD/CNH will likely remain confined to the 7.1800–7.2300 range. This scenario reflects cautious sentiment amid a lack of directional momentum in broader forex markets.

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