US Dollar (USD) is expected to consolidate in a range of 7.1780/7.1980. 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 trade in a range
24-HOUR VIEW: “We expected USD to ‘consolidate in a range of 7.1800/7.2000’ yesterday. USD subsequently traded between 7.1836 and 7.1953, a narrower range than we expected. The price action provides no fresh clues, and we continue to expect consolidation today, likely between 7.1780 and 7.1980.”
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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