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7 Jan 2025

USD/CNH: Set to trade in a sideways range of 7.3210/7.3610– UOB Group

US Dollar (USD) is expected to trade in a sideways range of 7.3210/7.3610. In the longer run, room for USD to retest the 7.3700 level; it is too early to determine if it can break and remain above this level, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

Room for USD to retest the 7.3700 level

24-HOUR VIEW: “USD plunged from 7.3640 yesterday, reaching a low of 7.3131. It then rebounded to close lower by 0.17% at 7.3450. The price action did not result in an increase in either downward or upward momentum. Today, we expect USD to trade sideways between 7.3210 and 7.3610.”

1-3 WEEKS VIEW: “Last week, USD rose to a high of 7.3700 before pulling back. The pullback is likely part of a range trading phase. As long as 7.3050 is not breached, there is room for USD to retest the 7.3700 level. At this time, it is too early to determine if USD can break and remain above this level.”

Jan 7, 2025

CHF: Base effect meets upside surprises in neighboring countries – Commerzbank

On the last day of last year, the Swiss National Bank (SNB) announced the extent of its foreign exchange interventions in the third quarter - given the repeated hints from officials that more intervention was possible at any time, this was probably one of the most important data points of recent mon

CNY: It’s not just about a strong US Dollar – Commerzbank

At the end of last week, USD/CNY broke above 7.30, which previously had been successfully defended in the last days of 2024. Yesterday, the exchange rate even rose to almost 7.33 before falling again in the wake of various reports about the impending US tariffs.