USD/CNH: Likely to trade in a range between 7.1300 and 7.1450 – UOB Group

US Dollar (USD) is likely to trade in a range between 7.1300 and 7.1450. In the longer run, USD is expected to trade in a range between 7.1200 and 7.1550, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD is expected to trade in a range

24-HOUR VIEW: "Yesterday, we expected USD to 'trade in a range between 7.1330 and 7.1460.' USD then traded in a range of 7.1361/7.1495, closing largely unchanged (7.1403, +0.04%). We are not able to derive much from the price movements. Today, we expect USD to trade in a range between 7.1300 and 7.1450."

1-3 WEEKS VIEW: "In our most recent narrative from last Friday (10 Oct, spot at 7.1370), we indicated that USD 'is expected to trade in a range for now, most likely between 7.1200 and 7.1550.' We continue to hold the same view."