UOB Group: Anticipates USD/CNH to Hover between 7.1800 and 7.2000

According to analysts from UOB Group, the US Dollar (USD) is expected to fluctuate within the range of 7.1800/7.2000 against the Chinese Yuan (CNH). In the long term, the USD is projected to trade between 7.1800 and 7.2300. In the 24-hour timeframe, the USD witnessed an increase in momentum, reaching 7.2025. However, it fell short of our projection and ended up at 7.2076 before declining to 7.1828. This can be interpreted as a phase of range trading, with expected fluctuations between 7.1800 and 7.2000. In the short term, the bias for USD has changed to neutral (previously downward), and it is likely to continue trading in the range of 7.1800 and 7.2300. Our view remains the same for now.

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