USD/CNH: Current price movements are likely part of range trading – UOB Group
|US Dollar (USD) is expected to trade in a 7.2650/7.2900 range. In the longer run, current price movements are likely part of range trading, probably between 7.2400 and 7.2900, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
USD is expected to trade in a 7.2650/7.2900 range
24-HOUR VIEW: “We expected USD to ‘trade in a 7.2550/7.2800 range’ last Friday. USD traded in a higher range of 7.2558/7.2869 before closing at 7.2846 (+0.29%). There has been a slight increase in momentum, but this is likely to lead to a higher trading range of 7.2650/7.2900 instead of a sustained rise.”
1-3 WEEKS VIEW: “There is not much to add to our update from last Friday (06 Dec, spot at 7.2660). As previously indicated, ‘the current price movements are likely part of range trading, probably between 7.2400 and 7.2900.’ Looking ahead, if USD breaks and stays above 7.3145, it would indicate that the start of a sustained rise.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.