US Greenback (USD) is predicted to consolidate in a spread of seven.1720/7.1900. Within the longer run, USD seems to have moved right into a 7.1600/7.2240 vary buying and selling section, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
USD/CNH to consolidate additional
24-HOUR VIEW: “Yesterday, we anticipated USD to ‘consolidate in a spread of seven.1780/7.1980.’ Our view of consolidation was not incorrect, although USD traded in a decent vary of seven.1782/7.1872. At the moment, we proceed to anticipate consolidation, however the softer underlying tone suggests a decrease vary of seven.1720/7.1900.”
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 section.’ USD traded in a spread over the previous couple of days, and we proceed to carry the identical view.”
