USD/CNH: Likely to trade in a range of 7.1260/7.14100 – UOB Group
|US Dollar (USD) is likely to trade in a range of 7.1260/7.1410. In the longer run, for the time being, USD is likely to trade in a range between 7.1000 and 7.1480, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is likely to trade in a range
24-HOUR VIEW: "We stated yesterday that 'momentum indicators are mostly flat.' We expected USD to 'consolidate between 7.1200 and 7.1380.' Our view of consolidation was not wrong, even though USD traded in a narrower range than expected (7.1248/7.1358). Further consolidation seems likely, but given that the underlying tone has firmed slightly, USD is likely to trade in a higher range of 7.1260/7.1410."
1-3 WEEKS VIEW: "Our update from Tuesday (30 Sep, spot at 7.1275) remains valid. As highlighted, 'the current price movements are likely part of a rangetrading phase between 7.1000 and 7.1480'."
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