USD/CNH: Likely to trade between 7.1220 and 7.1320 – UOB Group
US Dollar (USD) is likely to trade between 7.1220 and 7.1320. In the longer run, USD could drop to 7.1130; a clear break below this level will shift the focus to 7.1000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/CNH might drop to 7.1130
24-HOUR VIEW: "We expected USD to 'trade between 7.1180 and 7.1310' yesterday. However, USD traded in a tight range of 7.1244/7.1298. The price action provides no fresh clues. Today, we expect USD to trade between 7.1220 and 7.1320."
1-3 WEEKS VIEW: "In our most recent narrative from last Friday (17 Oct, spot at 7.1220), we indicated that USD 'could drop to 7.1130'. We added, 'a clear break below this level will shift the focus to 7.1000.' Although USD has not been able to make much headway to the downside, we will continue to hold the same view as long as the ‘strong resistance’ at 7.1400 (no change in level) is not breached."
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