USD/CNH: A chance to break above 7.2950 – UOB Group

The
US
Dollar
(USD)
is
expected
to
trade
in
a
range,
probably
between
7.2820
and
7.2950,
or
at
least
in
a
wider
range
between
7.2700
and
7.3100
for
the
time
being,
UOB
Group
FX
strategists
Quek
Ser
Leang
and
Peter
Chia
note.

USD
eyes
to
break
above
7.2950

24-HOUR
VIEW:
“USD
continues
to
trade
in
a
quiet
manner
yesterday,
between
7.2869
and
7.2931.
The
traded
range
was
narrower
than
our
expected
range
of
7.2820/7.2950.
The
quiet
price
action
provides
no
fresh
clues.
Today,
we
continue
to
expect
USD
to
trade
in
a
range
between
7.2820
and
7.2950.”

1-3
WEEKS
VIEW:
“Last
Thursday
(04
Jul,
spot
at
7.3000),
we
highlighted
that
the
recent
buildup
of
upward
momentum
had
largely
dissipated.
We
were
of
the
view
that
the
current
price
movements
are
likely
part
of
a
consolidation,
and
we
expected
USD
to
trade
between
7.2700
and
7.3100
or
the
time
being.
There
is
no
change
in
our
view.”