USD/CNH: Expected to trade between 7.2200 and 7.2430 – UOB Group
US Dollar (USD) is expected to trade between 7.2200 and 7.2430 vs Chinese Yuan (CNH). In the longer run, current price movements are likely part of a 7.2100/7.2800 consolidation range, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are likely part of a consolidation range
24-HOUR VIEW: "Yesterday, we noted 'a slight increase in downward momentum,' and we expected USD to 'edge lower.' However, we pointed out, 'the major support at 7.2100 is unlikely to come under threat (there is another support level at 7.2200).' USD declined less than expected, reaching a low of 7.2253. There has been no further increase downward momentum. Today, we expect USD to trade between 7.2200 and 7.2430."
1-3 WEEKS VIEW: "We highlighted last Friday (14 Mar, spot at 7.2490) that 'the current price movements are likely part of a 7.2100/7.2800 consolidation range.' We continue to hold the same view."
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