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USD/CNH: Will trade between the 7.2790 and 7.2960 levels

by Elena

The US Dollar (USD) is forecasted to trade in a tight range between 7.2790 and 7.2960, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.

Short-Term Range: 7.2790 to 7.2960

24-Hour Outlook:

“Our expectation for the USD to edge higher did not materialize,” the analysts noted, as the currency traded sideways between 7.2856 and 7.2974, ultimately closing at 7.2884, a slight decrease of 0.12%. They predict that the USD will continue to trade sideways, likely within the range of 7.2790 and 7.2960.

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1-3 Weeks Outlook:

“Our update from two days ago (22 Jul, spot at 7.2870) remains valid. As highlighted, recent price action indicates that the USD is still trading within a broader range of 7.2600 to 7.3100.”

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