USD/CNH: Likely to trade in a range of 7.1800/7.2000 – UOB Group

US Dollar (USD) is likely to trade in a range of 7.1800/7.2000 against Chinese Yuan (CNH). In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD is likely to trade in a range

24-HOUR VIEW: "USD rose early yesterday. When it was at 7.2025, we noted that 'The increase in momentum is likely to lead to further advance, potentially to 7.2130.' However, USD rose less than expected to 7.2076 and then fell, reaching a low of 7.1828 in the NY session. The price movements are likely part of a range trading phase, expected to be between 7.1800 and 7.2000."

1-3 WEEKS VIEW: "We revised our USD view to neutral view yesterday (29 May, spot at 7.2025), indicating that 'the recent downward bias has faded.' We added, 'USD is likely to trade in a range between 7.1800 and 7.2300 for now.' There is no change in our view for now."