US Greenback (USD) could edge larger in opposition to Chinese language Yuan (CNH), however any advance is probably going half of a better vary of seven.1720/7.1920. Within the longer run, USD is predicted to commerce in a variety between 7.1550 and seven.1920, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
USD is predicted to commerce in a variety
24-HOUR VIEW: “We anticipated USD to ‘commerce sideways between 7.1630 and seven.1780’ yesterday. As a substitute of buying and selling sideways, USD rose to a excessive of seven.1871 earlier than closing at 7.1825 (+0.14%). Regardless of advancing, USD has not gained a lot momentum. At the moment, USD could edge larger, however any advance is probably going half of a better vary of seven.1720/7.1920.”
1-3 WEEKS VIEW: In our replace from two days in the past (14 Jul, spot at 7.1730), we highlighted that USD ‘is predicted to commerce in a variety between 7.1550 and seven.1920.’ Yesterday, USD rose to a excessive of seven.1871. There was a slight improve in upward momentum, however not sufficient to point a sustained advance. In the interim, we proceed to count on USD to commerce in a variety.”
