Chinese Yuan: Range-bound with slight downside bias against US Dollar – UOB
Quek Ser Leang at UOB notes USD/CNH remains directionless, trading narrowly around 6.71 with little change in momentum. Intraday, the pair is expected to hold between 6.7060 and 6.7160. On a 1–3 week horizon, UOB still sees potential for the Dollar to edge higher, but any advance should stay contained within a broader 6.7040–6.7290 range.
Chinese Yuan holds tight trading band
"24-HOUR VIEW: USD traded within a 6.7060/6.7146 range last Friday and closed little changed at 6.7093 (-0.09%). Yesterday, we indicated that “there has been no shift in either downward or upward momentum,” and we expected USD “to trade in a range of 6.7040/6.7120.” USD then traded between 6.7045 and 6.7143, closing unchanged at 6.7096. The price action provides no fresh clues. Today, USD could trade between 6.7060 and 6.7160."
"1-3 WEEKS VIEW: Last Friday (11 Sep, spot at 6.7140), we highlighted “the increasing upward momentum suggests USD could edge higher, but currently, any advance should stay within a 6.7040/6.7290 range.” Although upward momentum has slowed somewhat since then, we continue to hold the same view for now."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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