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US Dollar (USD) is likely to trade in a range of 7.1730/7.1860 against Chinese Yuan (CNH). In the longer run, USD is expected to trade in a range between 7.1550 and 7.1920, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "We expected USD to 'trade in a range of 7.1740/7.1880' last Friday. USD then traded between 7.1755 and 7.1854, narrower than our expected range. The price movements still appear to be part of a range trading phase, most likely between 7.1730 and 7.1860."
1-3 WEEKS VIEW: "Our most recent narrative was from last Monday (14 Jul, spot at 7.1730), in which we highlighted that USD 'is expected to trade in a range between 7.1550 and 7.1920.' Our narrative remains unchanged."
