US Greenback (USD) is more likely to commerce in a spread between 7.1700 and seven.1920 in opposition to Chinese language Yuan (CNH). Within the longer run, USD is predicted to commerce in a spread between 7.1550 and seven.1920, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
USD is predicted to commerce in a spread
24-HOUR VIEW: “Whereas we anticipated USD to ‘edge larger’ yesterday, we held the view that ‘any advance is probably going half of a better vary of seven.1720/7.1920.’ USD then rose to 7.1908, plunged to a low of seven.1694, after which rebounded to shut largely unchanged at 7.1805 (-0.03%). The value motion offers no contemporary clues. Right this moment, we count on vary buying and selling, most certainly between 7.1700 and seven.1920.”
1-3 WEEKS VIEW: “In our replace from Monday (14 Jul, spot at 7.1730), we highlighted that USD ‘is predicted to commerce in a spread between 7.1550 and seven.1920.’ Whereas USD rose to a excessive of seven.1908 yesterday, there was no clear improve in momentum. In different phrases, we proceed to carry the identical view for now.”
