USD/CNH: Expected to trade in a 7.2550/7.2900 range – UOB Group
US Dollar (USD) is expected to trade in a 7.2550/7.2900 range. In the longer run, current price movements are likely part of range trading, probably between 7.2400 and 7.2900, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Current price movements are likely part of range trading
24-HOUR VIEW: “Yesterday, we expected USD to ‘trade in a range, most likely between 7.2500 and 7.2900.’ However, USD traded in a narrower range than expected (7.2560/7.2833), closing largely unchanged at 7.2790 (-0.02%). Momentum indicators are neutral, and further range trading appears likely. Expected range for today: 7.2550/7.2900.”
1-3 WEEKS VIEW: “Our most recent narrative was from last Friday (06 Dec, spot at 7.2660), wherein ‘the current price movements are likely part of range trading, probably between 7.2400 and 7.2900.’ USD traded in a relatively quiet manner the past few days and there is no change in our view.”