USD/CNH: Further side-lined trade remains on the table – UOB

Pablo Piovano FXStreet

USD/CNH is expected to keep the current consolidative mood for the time being, note Economist Lee Sue Ann and Markets Strategist Quek Ser at UOB Group.

Key Quotes

24-hour view: We expected USD to trade in a range between 7.3170 and 7.3380 yesterday. However, USD traded in a much narrower range of 7.3201/7.3318. The price action still appears to be consolidative. Today, we expect USD to trade in a range of 7.3150/7.3350.

Next 1-3 weeks: Our latest narrative was from last Thursday (26 Oct, spot at 7.3260), wherein the recent buildup in downward momentum has faded, and USD is likely to trade in a range between 7.3050 and 7.3470 the time being. There is on change in our view.

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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