USD/CNH is expected to consolidate between 7.1210 and 7.1380 – UOB Group
US Dollar (USD) is expected to consolidate between 7.1210 and 7.1380. In the longer run, for the time being, USD is likely to trade in a range between 7.1000 and 7.1480, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is likely to trade in a range
24-HOUR VIEW: "USD fell sharply to a low of 7.1169 two days ago. Yesterday, we highlighted that 'there is scope for USD to test 7.1165 before the risk of a recovery increases.' Our expectation did not materialise, as USD traded within a tight range of 7.1250/7.1322, closing largely unchanged at 7.1284 (-0.02%). The price movements are likely part of a consolidation phase. Today, we expect USD to trade between 7.1210 and 7.1380."
1-3 WEEKS VIEW: "Yesterday (30 Sep, spot at 7.1275), we revised our view from positive to neutral. We highlighted that 'upward momentum has faded,' and we pointed out that 'the current price movements are likely part of a range-trading phase between 7.1000 and 7.1480.' There is no change in our view."
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