Further upside in USD/CNH now seems to have lost traction, argue Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: Yesterday, we expected USD to trade sideways between 7.2800 and 7.3300. USD then traded in a narrower range of 7.2827/7.3075. The underlying tone has softened, and USD is likely to edge lower. However, any decline is unlikely to break clearly below 7.2680. Resistance is at 7.2920, followed by 7.3050.
Next 1-3 weeks: We have held the same view since Monday (21 Aug, spot at 7.3100), wherein USD could consolidate for a few days before breaking above last week’s high of 7.3490. While USD consolidated over the past few days, there are no signs of it breaking above 7.3490. Upward momentum has eased, instead of breaking above 7.3490, USD is more likely to trade in a range of 7.2500/7.3300 for the time being.
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