USD/CNH: Bearish momentum targets 7.0636 – UOB Group
The US Dollar (USD) is expected to trade in a range between 7.1150 and 7.1450. USD is likely to edge lower. But, given the mild downward pressure, any decline is unlikely to reach July’s low of 7.0636, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.
Likely to edge lower in the coming days
24-HOUR VIEW: “Yesterday, USD traded between 7.1135 and 7.1393, closing at 7.1325 (+0.22%). Despite the higher closing, there has been no significant increase in momentum. Today, USD is expected to trade in a range, probably between 7.1150 and 7.1450.”
1-3 WEEKS VIEW: “After closing lower for three days in a row, USD closed slightly higher yesterday (7.1325, +0.22%). The recent price action has resulted in an increase in downward momentum, albeit not much. From here, as long as USD remains below 7.1750, it is likely to edge lower in the coming days. Given the mild downward pressure, any decline is unlikely to reach July’s low of 7.0636.”
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