UOB Sees US Dollar Trading in Tight Range Against Chinese Yuan

According to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann, the Chinese Yuan has been trading quietly against the US Dollar in recent days. The USD/CNH pair has been confined within a narrow band, with intraday ranges clustered around current levels.

The 24-hour view suggests that the Dollar is likely to stay within this tight range, reflecting the lack of fresh directional clues from recent price action. The analysts note that the price action provides no fresh clues and that USD could trade between 6.7390 and 6.7470.

Looking ahead to the next few weeks, UOB still expects USD to edge lower toward 6.7300. However, a breach of 6.7530 would be needed to indicate that the mild downward pressure has eased.