UOB’s Quek Ser Leang notes that USD/CNH has seen a slight pickup in downward momentum, however nonetheless expects the pair to stay range-bound. The financial institution now seems to be for a decrease intraday band round 6.7820–6.7940, whereas its 1–3 week view stays impartial, with USD/CNH prone to commerce between 6.7750 and 6.8080.
USD/CNH seen holding outlined ranges
“24-HOUR VIEW: Two days in the past, USD traded inside a variety of 6.7911/6.8025 and closed little modified at 6.7948 (+0.05%). Yesterday, we indicated that “the worth motion supplies no recent clues, and we proceed to count on USD to commerce between 6.7860 and 6.7990.” USD then traded inside a variety of 6.7840/6.7963 earlier than settling at 6.7884 (-0.09%). There was a slight improve in downward momentum, however that is prone to result in USD buying and selling in a decrease vary of 6.7820/6.7940 somewhat than a sustained decline.”
“1-3 WEEKS VIEW: We revised our view from optimistic to impartial two days in the past (01 Jul, spot at 6.7920). We highlighted that the latest USD “power has come to an finish.” We additionally highlighted that USD “is prone to commerce in a variety between 6.7750 and 6.8080.” We proceed to carry the identical view”
(This text was created with the assistance of an Synthetic Intelligence device and reviewed by an editor.)
