US Dollar (USD) is likely to trade in a range between 7.1700 and 7.1920 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: “While we expected USD to ‘edge higher’ yesterday, we held the view that ‘any advance is likely part of a higher range of 7.1720/7.1920.’ USD then rose to 7.1908, plunged to a low of 7.1694, and then rebounded to close largely unchanged at 7.1805 (-0.03%). The price action provides no fresh clues. Today, we expect range trading, most likely between 7.1700 and 7.1920.”
1-3 WEEKS VIEW: “In our update from Monday (14 Jul, spot at 7.1730), we highlighted that USD ‘is expected to trade in a range between 7.1550 and 7.1920.’ While USD rose to a high of 7.1908 yesterday, there has been no clear increase in momentum. In other words, we continue to hold the same view for now.”
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