United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that USD/CNH has been trading quietly, with intraday ranges clustered around current levels. Their 24-hour view suggests the Dollar is likely to stay confined within a narrow band, reflecting the lack of fresh directional clues from recent price action.
Dollar seen confined in tight range
“24-HOUR VIEW: Last Friday, USD traded in a quiet manner and closed marginally lower by 0.01% at 6.7441. When it was at 6.7430 yesterday, we stated that “the price action provides no fresh clues,” and we were of the view that USD “could trade between 6.7370 and 6.7470.” USD then traded…
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