USD/CNH: Any decline is not expected to reach 7.1550 – UOB Group
US Dollar (USD) may edge lower against Chinese Yuan (CNH), but any decline is not expected to reach 7.1550; note that there is another support level at 7.1635. 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 rang
24-HOUR VIEW: "Following last Friday’s quiet price action, we indicated yesterday (Monday) that 'the price movements still appear to be part of a range trading phase, most likely between 7.1730 and 7.1860. USD then traded in a lower range than expected (7.1695/7.1835) and closed at 7.1718 (-0.12%). There has been a slight increase in downward momentum, and USD may edge lower today. However, any decline is not expected to reach the major support at 7.1550. Note that there is another support level at 7.1635. Resistance levels are at 7.1770 and 7.1840."
1-3 WEEKS VIEW: "Our most recent narrative was from last Monday (14 Jul, spot at 7.1730), in which we highlighted that USD 'is expected to trade in a range between 7.1550 and 7.1920.' Our narrative remains unchanged."
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