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USD/CNH: Likely to trade in a range of 7.1700/7.1900 – UOB Group

Source Fxstreet

US Dollar (USD) is likely to trade in a range of 7.1700/7.1900 against Chinese Yuan (CNH). In the longer run, USD has likely moved into a 7.1620/7.2200 range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD has likely moved back into a range trading phase

24-HOUR VIEW: "Following last Friday’s price action, we indicated yesterday that 'a slight increase in upward momentum may lead to a test of 7.2000.' Our view did not turn out as expected, as USD traded in a quiet manner between 7.1796 and 7.1899, closing largely unchanged at 7.1839 (-0.08%). The price action provides no fresh clues, and USD is likely to trade in a range of 7.1700/7.1900 today."

1-3 WEEKS VIEW: "There is not much to add to our update from yesterday (09 Jun, spot at 7.1870). As highlighted, the recent 'mild downward momentum has eased, and USD has likely moved back into a range trading phase, probably between 7.1620 and 7.2200'.”

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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