USD/CNH: Outlook remains mixed – UOB Group
US Dollar (USD) is expected to trade in a range between 7.3000 and 7.3200. In the longer run, outlook remains mixed, but USD is likely to trade in a narrower range of 7.2500/7.3300, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD likely to trade in a narrower range of 7.2500/7.3300
24-HOUR VIEW: "USD traded in a quiet manner on Monday. Yesterday (Tuesday), we noted that 'the price provides no fresh clues,' and we expected USD to trade between 7.3040 and 7.3240. USD then trade in a subdued manner between 7.3059 and 7.3146, closing largely unchanged (7.3105, +0.02%). Momentum indicators are mostly flat, and we continue to expect USD to trade in a range, likely between 7.3000 and 7.3200."
1-3 WEEKS VIEW: "We highlighted last Friday (07 Feb, spot at 7.2865) that 'while the outlook remains mixed, the decreasing volatility over the past couple of days suggests USD could trade in a narrower range of 7.2500/7.3300.' There is no change in our view."
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