USD/CNH: Expected to trade in a 7.1750/7.1950 range – UOB Group
US Dollar (USD) is expected to trade in a 7.1750/7.1950 range. 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.
USD has likely moved into a range trading phase
24-HOUR VIEW: "We noted 'a slight increase in downward momentum' last Friday, and we expected USD to 'trade in a lower range of 7.1750/7.1930.' USD then traded between 7.1745 and 7.1876, closing largely unchanged at 7.1806 (-0.08%). USD opened on a strong note today, but there has been no significant increase in upward momentum. Today, we continue to expect USD to trade in a 7.1750/7.1950 range."
1-3 WEEKS VIEW: "Our latest narrative was from 09 Jun, when USD was at 7.1870. We indicated that time that USD 'has likely moved back into a range trading phase, probably between 7.1620 and 7.2200.' Since then, USD has traded mostly sideways, and our narrative remains unchanged."
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