UOB Analysts Predict Range-Bound Trading for US Dollar Against Chinese Yuan
Market analysts at United Overseas Bank (UOB) are predicting a range-bound trading session for the US Dollar against the Chinese Yuan. Quek Ser Leang and Lee Sue Ann, UOB's analysts, expect the USD/CNH to trade within a narrow intraday range of 6.7450 to 6.7550.
The momentum indicators suggest that the price action is consolidating between these levels, with little change in direction. Despite this, the analysts remain bullish on the tone against the US Dollar, anticipating it to edge lower towards 6.7300 over the next one to three weeks.
UOB's analysts also highlight the importance of breaking above the 21-week Exponential Moving Average (EMA) at 6.8430 for a sustained recovery. If this level is breached, it could indicate a stronger upward momentum in the coming months.