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UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang see USD/CNH sticking to the consolidative phase for the time being.
24-hour view: Yesterday, we expected USD to trade in a range of 7.1660/7.2020. USD then traded between 7.1860 and 7.2056. Upward momentum has improved a tad, and there is room for USD to edge higher today. In view of the mild upward pressure, any advance is unlikely to threaten the major resistance at 7.2450 (there is another resistance at 7.2200). Support is at 7.1910, followed by 7.1805.
Next 1-3 weeks: Our most recent narrative was from last Wednesday (02 Aug, spot at 7.1800), wherein USD is likely to trade in a range of 7.1300/7.2450 for the time being. We continue to hold the same view for now.
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。
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