USD/CNH: Likely to trade in a range between 7.1800 and 7.2300 – UOB Group
US Dollar (USD) is likely to consolidate between 7.1920 and 7.2150. In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is likely to trade in a range
24-HOUR VIEW: "When USD was at 7.2040 yesterday, we indicated that 'there is a chance for USD to edge above 7.2100 before leveling off.' We also indicated that 'The next resistance at 7.2180 is unlikely to come under threat.' While USD subsequently rose more than expected to 7.2240, it pulled back from the high to close little changed at 7.2090 (+0.04%). USD has likely entered a consolidation phase. Today, we expect USD to trade between 7.1920 and 7.2150."
1-3 WEEKS VIEW: "Our latest narrative was from last Thursday (29 May, spot at 7.2025), wherein USD 'is likely to trade in a range between 7.1800 and 7.2300 for now.' USD rose to 7.2240 yesterday and then pulled back. The price action did not result in any increase in upward momentum, and we continue to expect USD to trade in a range between 7.1800 and 7.2300."
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