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USD/CNH: Likely to trade sideways short term – UOB Group

The US Dollar (USD) is likely to trade in a sideways range of 7.0650/7.0920. In the longer run, current price movements are likely part of a range trading phase; USD is likely to trade between 7.0300 and 7.1200, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

USD/CNH can break below 7.0650 mid term

24-HOUR VIEW: “We highlighted yesterday that USD ‘could rise to 7.1060 before the risk of a pullback increases.’ Our view did not materialise as it traded sideways between 7.0685 and 7.0955. Further sideways trading seems likely today, probably in a range of 7.0650/7.0920.”

1-3 WEEKS VIEW: “Our update from Wednesday (09 Oct, spot at 7.0750) remains valid. As highlighted, the current price movements are likely part of a range trading phase. For the time being, USD is expected to trade between 7.0300 and 7.1200.”

Crude Oil turns flat this week after Thursday’s recovery

Crude Oil is back to square one for this week, stabilizing around Monday’s opening price near $75.00.
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India FX Reserves, USD: $701.18B (September 30) vs previous $704.89B

India FX Reserves, USD: $701.18B (September 30) vs previous $704.89B
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