USD/CNH sticks to the consolidation range – UOB

Pablo Piovano FXStreet

Further range bound theme appears on the table for USD/CNH in the next few weeks, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: Yesterday, USD rose briefly to 7.2442, dropped to 7.2075 and then closed at 7.2281 (-0.12%). There is no clear directional bias for now. Today, we expect USD to trade sideways between 7.2000 and 7.2400.

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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