Chinese Yuan: Range trade persists, upside risk against US Dollar – UOB
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann expect USD/CNH to remain confined in a narrow intraday range, reflecting flat momentum indicators. Over the next 1–3 weeks, they still see scope for the Dollar to edge lower toward 6.7300 while resistance has shifted higher.
Chinese analysts from United Overseas Bank (UOB) foresee the USD/CNH currency pair remaining within a narrow range for the next week, with the potential for slight downward movement. Over the coming one to three weeks, the US Dollar may dip toward the 6.7300 mark, while resistance levels have risen. In the next three months, analysts see tentative upward momentum, but further confirmation is required.
The 24-hour trading saw USD fluctuating between 6.7427 and 6.7478, closing just 0.03% higher at 6.7463. Flat momentum indicators indicate that the US Dollar is likely to remain in a range, between 6.7410 and 6.7510.
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