Chinese Yuan: Range trade and upside risk against US Dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann note that USD/CNH has been confined to a tight range and expect the Dollar to trade between 6.7430 and 6.7530 in the near term.
UOB’s analysts Quek Ser Leang and Lee Sue Ann predict USD/CNH will stay within a narrow range of 6.7430 to 6.7530 in the short term. Should the Dollar not break above 6.7580 resistance, they expect the Yuan to drift lower toward 6.7300. For a medium-term recovery, the Yuan needs to surpass the 21-week EMA at 6.8430. Today, the Dollar traded between 6.7444 and 6.7489, leaving analysts with limited insights. Moving ahead, USD could range between 6.7430 and 6.7530.
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