USD/CNH: Likely to trade between 7.1850 and 7.2050 – UOB Group

US Dollar (USD) is likely to trade between 7.1850 and 7.2050 against Chinese Yuan (CNH). In the longer run, for now, USD is likely to trade in a range between 7.1800 and 7.2300, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD is likely range-bound for now

24-HOUR VIEW: "Yesterday, we expected USD to 'consolidate between 7.1920 and 7.2150.' However, USD traded in a lower range of 7.1860/7.2063, closing lower by 0.22% at 7.1919. The price movements provide no fresh clues. Today, we expect USD to trade between 7.1800 and 7.2050."

1-3 WEEKS VIEW: "Our latest narrative was from last Thursday (29 May, spot at 7.2025), wherein USD 'is likely to trade in a range between 7.1800 and 7.2300 for now.' Since then, the range remained intact, and we continue to hold the same view."