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- USD/CNH: Further rangebound on the table - UOB
USD/CNH: Further rangebound on the table - UOB
FXStreet reports that FX Strategists at UOB Group, predict USD/CNH to keep the 6.4600-6.5050 range unchanged for the time being.
24-hour view: “We expected USD to ‘consolidate and trade between 6.4630 and 6.4850’. Our view for consolidation was not wrong even though USD traded within a narrower range than expected (6.4656/6.4789). Momentum indicators are mostly neutral and further consolidation would not be surprising, likely between 6.4630 and 6.4830.”
Next 1-3 weeks: “We continue to hold the same view as from Tuesday (24 Aug, spot at 6.4790). As highlighted, the outlook is mixed and USD could trade between 6.4600 and 6.5050 for a period of time. Looking ahead, the downside risk appears to be greater but USD has to close below the major support at 6.4500 before a sustained decline can be expected.”
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