USD/CNH: Likely to trade between 7.0300 and 7.1200 – UOB Group
The US Dollar (USD) is likely to trade with an upward bias; as upward momentum is only beginning to build, any advance is unlikely to threaten the major resistance at 7.1200. In the longer run, current price movements are likely part of a range trading phase; USD is likely to trade between 7.0300 and 7.1200, UOB Group’s FC analysts Quek Ser Leang and Lee Sue Ann note.
USD unlikely to threaten the major resistance at 7.1200
24-HOUR VIEW: “USD traded between 7.0665 and 7.0888 last Friday, narrower than our expected sideways trading range of 7.0650/7.0920. USD closed at 7.0684, but it opened on a firm note today. Upward is beginning to build, and today, USD is likely to trade with an upward bias. As momentum is only beginning to build, any advance is unlikely to threaten the major resistance at 7.1200 (there is another resistance level at 7.1040. Support levels are at 7.0780 and 7.0660.”
1-3 WEEKS VIEW: “Our latest narrative was from last Wednesday (09 Oct, spot at 7.0750), wherein ‘the current price movements are likely part of a range trading phase,’ and ‘for the time being, USD is expected to trade between 7.0300 and 7.1200.’ While there has been a slight increase in short-term upward momentum, we continue to hold the same view for now.”
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