USD/CNH: Further consolidation in the pipeline – UOB

Pablo Piovano FXStreet

No changes to the consolidative mood around USD/CNH for the time being, argue Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: We expected USD to edge lower to 7.1500 last Friday. Our expectations did not materialise as USD dropped to 7.1550 and then rebounded. The current price movements are likely part of a consolidation. Today, we expect USD to trade in a range of 7.1660/7.2020.

Next 1-3 weeks: Our most recent narrative was from last Wednesday (02 Aug, spot at 7.1800), wherein USD is likely to trade in a range of 7.1300/7.2450 for the time being. We continue to hold the same view for now.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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