US Dollar (USD) is expected to consolidate in a range of 7.1720/7.1900. In the longer run, USD appears to have moved into a 7.1600/7.2240 range trading phase, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD/CNH to consolidate further
24-HOUR VIEW: “Yesterday, we expected USD to ‘consolidate in a range of 7.1780/7.1980.’ Our view of consolidation was not wrong, even though USD traded in a tight range of 7.1782/7.1872. Today, we continue to expect consolidation, but the softer underlying tone suggests a lower range of 7.1720/7.1900.”
1-3 WEEKS VIEW: “In our most recent narrative from Monday (04 Aug, spot at 7.1900), we highlighted that USD ‘appears to have moved into a 7.1600/7.2240 range trading phase.’ USD traded in a range over the past couple of days, and we continue to hold the same view.”
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