USD/CNH: Likely to trade between 7.1180 and 7.1310 – UOB Group
US Dollar (USD) is likely to trade between 7.1180 and 7.1310. 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.
A clear break below 7.1130l to shift the focus to 7.1000
24-HOUR VIEW: "Yesterday, we indicated that USD 'could trade in a range, likely between 7.1190 and 7.1300.' USD then traded in a lower range of 7.1161/7.1268, closing largely unchanged at 7.1268 (+0.04%). We are not able to derive much from the price movements. Today, we expect USD to trade between 7.1180 and 7.1310."
1-3 WEEKS VIEW: "In our most recent narrative 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.' Although USD has not been able to make much headway to the downside, we will 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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