USD/CNH: Likely to trade in a narrower range of 7.2500/7.3300 – UOB Group
Outlook remains mixed, but US Dollar (USD) is likely to trade in a narrower range of 7.2500/7.3300. In the longer run, momentum indicators remain neutral; USD is likely to trade in a range of 7.2700/7.3000, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Momentum indicators remain neutral
24-HOUR VIEW: “USD traded between 7.2765 and 7.2991 yesterday, narrower than our expected range of 7.2650/7.3050. USD closed largely unchanged at 7.2880 (+0.07%). Momentum indicators remain neutral, and we continue to expect range trading, probably in a range of 7.2700/7.3000.”
1-3 WEEKS VIEW: “Two days ago (05 Feb, spot at 7.2915), we indicated that ‘the outlook for USD is mixed after the volatile price movements over the past couple of days.’ We were of the view that USD ‘could trade in a broad range of 7.2430/7.3580. While the outlook remains mixed, the decreasing volatility over the past couple of days suggests USD could trade in a narrower range of 7.2500/7.3300.”
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