US Dollar (USD) is expected to trade in a range of 7.1730/7.1970 against Chinese Yuan (CNH). In the longer run, USD has likely moved into a 7.1620/7.2200 range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD has likely moved into a range trading phase

24-HOUR VIEW: "Following the quiet price action in USD on Monday, we indicated yesterday, Tuesday, that “the price action provides no fresh clues, and USD is likely to trade in a range of 7.1700/7.1900 today.” USD then traded between 7.1780 and 7.1941, closing little changed at 7.1889 (-0.04%). The price action still provides no fresh clues. Today, we expect USD to trade in a range of 7.1730/7.1970."

1-3 WEEKS VIEW: "There is not much to add to our update from Monday (09 Jun, spot at 7.1870). As highlighted, the recent 'mild downward momentum has eased, and USD has likely moved back into a range trading phase, probably between 7.1620 and 7.2200.”

Source: Fxstreet