USD/CNH is set to trade between 7.2700 and 7.3100 – UOB Group

July 11, 2024 9:54 am

The US Dollar (USD) is expected to trade between 7.2700 and 7.3100 for the time being, UOB Group FX analysts Quek Ser Leang and Peter Chia note.

Rangebound between 7.2700 and 7.3100

24-HOUR VIEW: “USD continues to trade in a quiet manner yesterday, between 7.2885 and 7.2939. The traded range was narrower than our expected range of 7.2820/7.2950. The quiet price action provides no fresh clues. Today, we continue to expect USD to trade in a range between 7.2820 and 7.2950.”

1-3 WEEKS VIEW: “Last Thursday (04 Jul, spot at 7.3000), we highlighted that the recent buildup of upward momentum had largely dissipated. We were of the view that the current price movements are likely part of a consolidation, and we expected USD to trade between 7.2700 and 7.3100 or the time being. There is no change in our view.”

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