US Dollar (USD) is likely to trade in a range between 7.1750 and 7.1950 against the Chinese Yuan (CNH). USD traded in a quiet manner last Friday. USD has likely moved into a 7.1620/7.2200 range trading phase, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD is still trading within the range
24-HOUR VIEW: “Yesterday, Monday, we stated that ‘the price action provides no fresh clues, and we continue to expect range trading today, most likely between 7.1770 and 7.1970.’ Our view was not wrong, even though USD traded in a tight range of 7.1783/7.1904, closing little changed at 7.1841 (-0.05%). We continue to expect range-trading today, likely between 7.1750 and 7.1950.”
1-3 WEEKS VIEW: “Last Monday (09 Jun, spot at 7.1870), we highlighted that the recent ‘mild downward momentum has eased, and USD has likely moved back into a range trading phase, probably between 7.1620 and 7.2200.’ It’s been more than a week, and USD is still trading within the range, and we continue to hold the same view for now.”
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