USD/CNH: No changes to the range bound trade – UOB

Pablo Piovano FXStreet

USD/CNH is seen maintaining the consolidative mood in the short-term horizon, comment UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.

Key Quotes

24-hour view: We noted yesterday that “momentum indicators are mostly neutral,” and we expected USD to trade sideways between 7.3080 and 7.3310. However, USD traded in a lower range than expected (7.3033/7.3236). There is no clear directional bias, and we continue to expect USD to trade sideways, likely between 7.2980 and 7.3220. \

Next 1-3 weeks: Our update from Tuesday (03 Sep, spot at 7.3215) still stands. As highlighted, USD is likely to trade in a range for now, probably between 7.2800 and 7.3600.

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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