United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that USD/CNH remains confined to a tight intraday range, with momentum indicators still flat and the pair expected to trade between 6.7400 and 6.7500. Over the 1–3 week horizon, they still see scope for a drift lower toward 6.7300 unless strong resistance at 6.7580 is breached.
Flat momentum keeps Dollar contained
“24-HOUR VIEW: When USD was at 6.7440 yesterday, we indicated that “momentum indicators are still mostly flat.” We also indicated that USD “could trade between 6.7400 and 6.7500.” USD subsequently traded between 6.7423 and 6.7479, closing largely unchanged at…
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