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USD/CNH seen trading in a tight range as upside resistance rises
UOB expects the dollar to be able to drift lower toward 6.7300 over 1 to 3 weeks, while the key upside resistance is now seen at 6.7580.
FXStreet reports that United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann expect USD/CNH to remain confined to a narrow intraday range, citing flat momentum indicators. In the 24 hour view, they point to USD trading between 6.7427 and 6.7478 before closing around 6.7463, and they expect the pair to keep ranging between 6.7410 and 6.7510.
Looking ahead 1 to 3 weeks, the analysts say there is still scope for the dollar to edge lower toward 6.7300, with the condition that resistance is not breached. They also note the “strong resistance” level has shifted higher to 6.7580, while on a 1 to 3 month horizon they see tentative upward momentum that requires confirmation.