US Dollar (USD) could edge lower against Chinese Yuan (CNH), but any decline is unlikely to break below the major support at 7.1620. In the longer run, USD has likely moved into a 7.1620/7.2200 range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
USD/CNH has a change of edging lower
24-HOUR VIEW: "We expected USD to 'trade in a 7.1750/7.1950 range' yesterday. We were not wrong, even though USD traded in a narrower range than expected (7.1754/7.1925). Despite the quiet price action, there has been a slight increase in downward momentum. Today, USD could edge lower, but any decline is unlikely break the major support at 7.1620. Resistance levels are at 7.1800 and 7.1900."
1-3 WEEKS VIEW: "Our latest narrative was from 09 Jun, when USD was at 7.1870. We indicated at that time that USD 'has likely moved back into a range trading phase, probably between 7.1620 and 7.2200.' Since then, USD has traded mostly sideways, and our narrative remains unchanged."
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