The US Dollar (USD) is expected to trade in a range between 7.1180 and 7.1440. Momentum is slowing; a breach of 7.0900 would indicate that USD is more likely to trade in a range instead of strengthening further, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes.

USD/CNH can reach 7.1440 short term

24-HOUR VIEW: “Our view for USD to ‘rise to 7.1500’ did not materialise, as it pulled back from a high of 7.1462, closing largely unchanged at 7.1350 (- 0.02%). The current price movements are likely part of a range trading phase. Today, we expect USD to trade between 7.1180 and 7.1440.”