USD/CNH has likely moved into a 7.1620/7.2200 range – UOB Group

US Dollar (USD) could edge higher, but any advance is likely limited to a test of 7.2070. 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 back into a range trading phase

24-HOUR VIEW: "Yesterday, we expected USD to 'trade in a range of 7.1730/7.1970.' USD then traded in a higher range of 7.1811/7.2003. The slight increase in upward momentum suggests USD could edge higher today. However, any advance is likely limited to a test of 7.2070. The major resistance at 7.2200 is not expected to come into view. On the downside, support levels are at 7.1880 and 7.1800."

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'.”