USD/CNH: Likely to trade sideways between 7.1630 and 7.1780 – UOB Group
US Dollar (USD) is likely to trade sideways between 7.1630 and 7.1780 against Chinese Yuan (CNH). In the longer run, USD is expected to trade in a range between 7.1550 and 7.1920, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is expected to trade in a range
24-HOUR VIEW: "We noted 'a slight increase in downward momentum' yesterday, and we held the view that 'this could lead to USD edging lower.' However, we indicated that 'any decline is unlikely to break below 7.1630.' However, instead of edging lower, USD traded in a tight range of 7.1674/7.1733, closing largely unchanged at 7.1723 (-0.03%). The price movements are likely part of a sideways trading phase. Today, we expect USD to trade between 7.1630 and 7.1780."
1-3 WEEKS VIEW: "There is not much to add to our update from yesterday (14 Jul, spot at 7.1730). As highlighted, USD is expected to trade in a range between 7.1550 and 7.1920' for now."
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