USD/CNH: Likely to trade in a range of 7.1760/7.1890 – UOB Group
|US Dollar (USD) is likely to trade in a range of 7.1760/7.1890. In the longer run, USD is expected to trade in a range of 7.1730/7.2000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD is expected to trade in a range
24-HOUR VIEW: "Following the quiet price action on Tuesday, we highlighted yesterday, Wednesday that 'the price action provides no fresh clues, and we continue to expect range trading today, probably between 7.1800 and 7.1950.' USD subsequently traded in a range of 7.1783/7.1929 and then closed largely unchanged at 7.1820 (-0.08%). We continue to expect range trading, but the softer underlying tone suggests USD is likely to trade in a lower range of 7.1760/7.1890."
1-3 WEEKS VIEW: "Two days ago (19 Aug, spot at 7.1850), we highlighted that 'the buildup in downward momentum has largely faded.' We expected USD to 'trade in a range of 7.1730/7.2000.' There is no change in our view."
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