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USD/CNH is seen navigating within the 7.1500-7.2500 range in the near term, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
24-hour view: We highlighted last Friday that “USD weakness has not stabilized.” We added, “In view of the oversold conditions, USD is unlikely to break the major support at 7.1500.” However, USD did not weaken much as it traded between 7.1645 and 7.1923. The current price actions are likely part of a consolidation phase. Today, we expect USD to trade in a range of 7.1655/7.2000.
Next 1-3 weeks: Our latest narrative was from last Wednesday (19 Jul, spot at 7.1950) still stands. As highlighted, after the recent sharp drop, USD is unlikely to weaken further. For the time being, USD is likely to trade in a range, probably between 7.1500 and 7.2500
风险提示:本文所述仅代表作者个人观点,不代表 Followme 的官方立场。Followme 不对内容的准确性、完整性或可靠性作出任何保证,对于基于该内容所采取的任何行为,不承担任何责任,除非另有书面明确说明。
