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27.07.2021, 07:42

USD/CNH stuck within range – UOB

FXStreet reports that FX Strategists at UOB Group said that USD/CNH is still expected to keep the trade between 6.4400 and 6.500 for the time being.

24-hour view: “Yesterday, we highlighted that we ‘see chance for USD to test 6.4900’ but we were of the view that ‘the major resistance at 6.5000 is unlikely to come into the picture’. Our view was not wrong as USD rose to 6.4945 before pulling back sharply. The pullback has room to extend lower but any weakness is expected to encounter solid support at 6.4700 (minor support is at 6.4740). Resistance is at 6.4880 followed by 6.4940.”

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