USD/CNH: Likely to trade in a range between 7.1170 and 7.1290 – UOB Group

US Dollar (USD) is likely to trade in a range between 7.1170 and 7.1290. In the longer run, USD has likely entered a range-trading phase between 7.1120 and 7.1330, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD has likely entered a range-trading phase

24-HOUR VIEW: "Yesterday, we were of the view that USD 'is likely to trade in a range between 7.1200 and 7.1300'. USD then traded within a lower and slightly narrower range of 7.1187/7.1273. The price action provides no fresh clues, and we continue to expect range-trading today, most likely between 7.1170 and 7.1290."

1-3 WEEKS VIEW: "Last Friday (07 Nov, spot at 7.1230), we highlighted that USD 'has likely entered a range-trading phase, and for the time being, we expect it to trade between 7.1120 and 7.1330'. We continue to hold the same view."