USD/CNH: A chance to break above 7.2950 – UOB Group

FXStreet Insights Team FXStreet

The US Dollar (USD) is expected to trade in a range, probably between 7.2820 and 7.2950, or at least in a wider range between 7.2700 and 7.3100 for the time being, UOB Group FX strategists Quek Ser Leang and Peter Chia note.

USD eyes to break above 7.2950

24-HOUR VIEW: “USD continues to trade in a quiet manner yesterday, between 7.2869 and 7.2931. The traded range was narrower than our expected range of 7.2820/7.2950. The quiet price action provides no fresh clues. Today, we continue to expect USD to trade in a range between 7.2820 and 7.2950.”

1-3 WEEKS VIEW: “Last Thursday (04 Jul, spot at 7.3000), we highlighted that the recent buildup of upward momentum had largely dissipated. We were of the view that the current price movements are likely part of a consolidation, and we expected USD to trade between 7.2700 and 7.3100 or the time being. There is no change in our view.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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