US Dollar (USD) is likely to trade in a range between 7.1830 and 7.2030 against Chinese Yuan (CNH). In the longer run, 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: “USD traded within a tight range of 7.1855/7.1959, closing largely unchanged at 7.1951 (+0.03%). The price action provides no fresh clues, and USD could continue to trade in a range, likely between 7.1830 and 7.2030.”
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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