No changes to the consolidation theme in USD/CNH – UOB
|USD/CNH is seen still trading between 6.6600 and 6.7400 for the time being, commented FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “Our expectations for USD to ‘head higher’ did not quite materialize as it traded between 6.6930 and 6.7176 before closing little changed at 6.7087 (+0.09%). Momentum indicators are neutral and USD is likely to trade sideways. Expected range for today, 6.6900/6.7200.”
Next 1-3 weeks: “We have expected USD to trade sideways between 6.6600 and 6.7400 since last Monday (20 Jun, spot at 6.7080). While shorter-term downward momentum has improved somewhat, there is no change in our view for now.”
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