USD/CNH Expected to Stay Range-Bound Between 7.1020 and 7.1170 – UOB Group
UOB Group analysts Quek Ser Leang and Peter Chia expect the US Dollar to continue trading within a narrow 7.1020–7.1170 band against the Chinese Yuan. They note that a break above 7.1170 would signal that recent USD weakness has likely stabilized.
Stabilization Signal Above 7.1170
24-Hour View:
The USD traded between 7.1075 and 7.1166 on Tuesday, a tighter range than UOB’s projected 7.1020–7.1170 band. Analysts say the latest price action offers no new directional signals, and they continue to expect range-bound movement within the same levels today.
1–3 Weeks View:
After maintaining a bearish USD outlook for several days, UOB noted on November 18 (spot at 7.1100) that downside momentum is fading. A move above the 7.1170 “strong resistance” level would indicate that the decline that began mid-last week has stabilized. Their broader view remains unchanged.
