USD/CNH: Likely to trade between 7.1100 and 7.1220 – UOB Group
|US Dollar (USD) is likely to trade between 7.1100 and 7.1220. In the longer run, for the time being, USD is likely to trade between 7.1020 and 7.1285, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is likely to trade in a range for a while
24-HOUR VIEW: "While we indicated yesterday that 'the slight increase in upward momentum could lead to USD testing 7.1220', we stated that 'a clear break above this level is unlikely'. We pointed out that 'support levels are at 7.1120 and 7.1080'. USD subsequently traded within a range of 7.1124 and 7.1205, closing largely unchanged at 7.1194 (+0.02%). The price action provides no fresh clues, and today, we expect USD to trade between 7.1100 and 7.1220."
1-3 WEEKS VIEW: "Yesterday (20 Nov, spot at 7.1155), we revised our view from negative to positive. We indicated that the recent 'USD weakness has stabilised, and for the time being, we expect USD to trade between 7.1020 and 7.1285'. There is no change in our view."
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