UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang see USD/CNH navigating within the 7.2800-7.3400 range in the next few weeks.
Key Quotes
24-hour view: Yesterday, we held the view that USD “is likely to rise, but it is unlikely to reach 7.3400.” Our view did materialise as it traded in a relatively quiet manner between 7.3045 and 7.3215. The price action appears to be consolidative, and USD is likely to trade sideways. Expected range for today; 7.3000/7.3250.
Next 1-3 weeks: We continue to hold the same view as yesterday (21 Sep, spot at 7.3150), wherein the recent downward pressure has faded, and USD is likely to trade in a range, probably between 7.2800 and 7.3400.
Source: https://www.fxstreet.com/news/usd-cnh-faces-extra-consolidation-near-term-uob-202309220739