USD/CNH: Likely to trade in a range between 7.1200 and 7.1300 – UOB Group
|Momentum indicators are mostly flat; US Dollar (USD) is likely to trade in a range between 7.1200 and 7.1300. In the longer run, USD has likely entered a range-trading phase between 7.1120 and 7.1330, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD has likely entered a range-trading phase
24-HOUR VIEW: "We noted 'a slight increase in downward momentum' last Friday, and we were of the view that it 'is likely to lead to a lower range of 7.1170/7.1280 rather than a sustained decline'. However, USD traded within a tight range between 7.1226 and 7.1268, closing largely unchanged at 7.1247 (+0.04%). Momentum indicators are mostly flat and today, we expect USD to trade in a range, most likely between 7.1200 and 7.1300."
1-3 WEEKS VIEW: "Not much has changed since our update from last Friday (07 Nov, spot at 7.1230). As highlighted, USD 'has likely entered a range-trading phase, and for the time being, we expect it to trade between 7.1120 and 7.1330'."
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