The US Dollar (USD) is expected to remain within a sideways trading range of 7.0650 to 7.0920, according to analysts from UOB Group. Looking at the longer-term outlook, they believe that USD will continue to trade within a range of 7.0300 to 7.1200. This indicates that there may not be significant movement in the USD/CNH pair in the near future.
For the mid-term, there is a possibility that USD/CNH could break below 7.0650. However, in the short term, the analysts predict that USD will likely trade within a range of 7.0650 to 7.0920. This suggests that there may be limited movement in the currency pair in the immediate future.
In the 24-hour view, analysts expected USD to rise to 7.1060 before the risk of a pullback increased. However, the currency pair traded sideways between 7.0685 and 7.0955 instead. They predict that further sideways trading is likely, with USD potentially trading within a range of 7.0650 to 7.0920.
Looking at the 1-3 week view, analysts believe that the current price movements are part of a range trading phase. They expect USD to continue trading between 7.0300 and 7.1200 in the near future. This indicates that there may not be significant changes in the USD/CNH pair over the next few weeks.
Overall, the outlook for USD/CNH is relatively stable, with the currency pair expected to remain within a specific trading range. This suggests that traders may not see significant changes in the value of USD compared to the Chinese Yuan in the near future. Despite the potential for a break below 7.0650 in the mid-term, the overall trend appears to indicate limited movement in the currency pair.
