USD/CNH: To trade in a sideways range of 7.0700/7.1300 – UOB Group
|The US Dollar (USD) is likely to trade in a sideways range of 7.0700/7.1300, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Rangebound for the time being
24-HOUR VIEW: “Yesterday, we expected USD to trade in a range between 7.0900 and 7.1100 USD subsequently traded in a slightly higher range of 7.0928/7.1118. The price movements did not result in any increase in either downward or upward momentum. Today, we continue to expect USD to trade in a range, likely between 7.0910 and 7.1110.”
1-3 WEEKS VIEW: “Our update from yesterday (17 Sep, spot at 7.1005) remains valid. As highlighted, momentum indicators are mostly neutral, and USD is likely to trade in a sideways range of 7.0700/7.1300.”
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