Chinese Yuan: Range trade persists near 6.7450 against US Dollar – UOB
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that USD/CNH remains confined to a tight intraday range, with momentum indicators still flat and the pair expected to trade between 6.7400 and 6.7500.
United Overseas Bank analysts predict the Chinese Yuan will continue its range trading pattern near 6.7450 against the US Dollar, staying within the 6.7400 to 6.7500 range. Over the next 1-3 weeks, they suggest a slight potential downward drift to 6.7300 unless the strong resistance level of 6.7580 is surpassed. Yesterday, USD traded between 6.7423 and 6.7479, ending at 6.7449, showing no significant change.
Momentum indicators remain flat, and the analysts maintain their forecast for USD to stay within the 6.7400 to 6.7500 range.
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