Chinese Yuan: Range trade persists against US Dollar – UOB
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann see USD/CNH confined to tight ranges in different time frames. For the next 24 hours, they expect the Dollar to trade between 6.7130 and 6.7230.
UOB analysts Quek Ser Leang and Lee Sue Ann anticipate the Chinese Yuan (CNH) to remain within narrow bounds against the US Dollar (USD). In the short term, they foresee USD/CNH oscillating between 6.7130 and 6.7230 over the next 24 hours. Over a span of 1-3 weeks, they predict a slight downward drift within the range of 6.7050 to 6.7300, while a potential 1-3 month recovery requires USD/CNH to surpass the 21-week EMA level of 6.8430.
Yesterday, analysts assessed USD to oscillate between 6.7180 and 6.7270, with the currency ultimately trading at 6.7178, showing a negligible decline of 0.07%. Although a marginal uptick in bearish sentiment emerged, this trend is expected to culminate in USD trading within a subdued range of 6.7130/6.7230, rather than experiencing a sustained downturn.
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