USD/CNH: Likely trade between 7.1190 and 7.1300 – UOB Group
US Dollar (USD) could trade in a range, likely between 7.1190 and 7.1300. In the longer run, USD could drop to 7.1130; a clear break below this level will shift the focus to 7.1000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/CNH might drop to 7.1130
24-HOUR VIEW: "USD traded within a tight range of 7.1216/7.1288 yesterday, closing largely unchanged at 7.1242 (-0.02%). We are not able to derive much from the price movements. Today, USD could trade in a range, likely between 7.1190 and 7.1300."
1-3 WEEKS VIEW: "In our previous update from last Friday (17 Oct, spot at 7.1220), we indicated that USD 'could drop to 7.1130'. We added, 'a clear break below this level will shift the focus to 7.1000.' We continue to hold the same view as long as the ‘strong resistance’ at 7.1400 (no change in level) is not breached."
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