US Greenback (USD) is predicted to commerce in a variety between 7.1730 and seven.1880 towards Chinese language Yuan (CNH). Within the longer run, rising momentum suggests USD might rise, however it’s too early to count on 7.2000 to come into sight, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Above 7.1630, USD might rise in the direction of 7.1900
24-HOUR VIEW: “Our expectation for USD to ‘edge decrease and check 7.1720’ didn’t materialise, because it traded in a variety of seven.1769/7.1843 earlier than closing largely unchanged at 7.1783 (-0.08%). The worth motion is probably going a part of a variety buying and selling section. In the present day, we count on USD to commerce between 7.1730 and seven.1880.”
1-3 WEEKS VIEW: “Our most up-to-date narrative was from Wednesday (09 Jul, spot at 7.1825), by which ‘the rising upward momentum suggests USD might rise above 7.1900, however it’s too early to count on 7.2000 to come into sight.’ Whereas USD has not been in a position to make additional headway to the upside, so long as USD holds above 7.1630 (no change in ‘sturdy assist’ degree), there’s nonetheless an opportunity for USD to rise above 7.1900.”
