USD/CNH: Expected to trade between 7.3040 and 7.3240 – UOB Group
|US Dollar (USD) is expected to trade between 7.3040 and 7.3240. In the longer run, outlook remains mixed, but USD is likely to trade in a narrower range of 7.2500/7.3300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Outlook for USD remains mixed
24-HOUR VIEW: “We noted ‘a slight increase in upward momentum’ yesterday. We highlighted that USD ‘could edge higher, but as momentum is not strong, it is unlikely to break above 7.3300.’ Instead of edging higher, USD traded in a quiet manner between 7.3047 and 7.3174, closing largely unchanged at 7.3090 (+0.06%). The price provides no fresh clues. Today, we expect USD to trade between 7.3040 and 7.3240.”
1-3 WEEKS VIEW: “We highlighted last Friday (07 Feb, spot at 7.2865) that ‘while the outlook remains mixed, the decreasing volatility over the past couple of days suggests USD could trade in a narrower range of 7.2500/7.3300.’ There is no change in our view.”
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