US Greenback (USD) is anticipated to consolidate in a variety of seven.1780/7.1980. Within the longer run, USD seems to have moved right into a 7.1600/7.2240 vary buying and selling part, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
USD/CNH to commerce in a variety
24-HOUR VIEW: “We anticipated USD to ‘consolidate in a variety of seven.1800/7.2000’ yesterday. USD subsequently traded between 7.1836 and seven.1953, a narrower vary than we anticipated. The worth motion gives no recent clues, and we proceed to count on consolidation immediately, doubtless between 7.1780 and seven.1980.”
1-3 WEEKS VIEW: “In our most up-to-date narrative from Monday (04 Aug, spot at 7.1900), we highlighted that USD ‘seems to have moved right into a 7.1600/7.2240 vary buying and selling part.’ USD traded in a variety over the previous couple of days, and we proceed to carry the identical view.”
