USD/CNH: No changes to the consolidative mood – UOB – by pabspiovano China Currencies Banks Crosses
is expected to maintain the consolidation in place within the 7.1500-7.2500 range for the time being, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: We expected USD to trade in a range of 7.1655/7.2000 yesterday. USD then traded in a range of 7.1790/7.2132 before closing little changed at 7.1858 . The underlying tone has softened, and USD is likely to edge lower today. However, any decline is unlikely to break below the major support at 7.
Next 1-3 weeks: Last Wednesday , we highlighted that after the recent sharp drop; USD is unlikely to weaken further. We expected USD to trade in a range, probably between 7.1500 and 7.2500. There is no change in our view. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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