USD/CNH clings to the mixed outlook – UOB

Pablo Piovano FXStreet

UOB Group’s FX Strategists reiterated the mixed outlook for USD/CNH in the near term.

Key Quotes

24-hour view: “USD traded between 6.4599 and 6.4729 yesterday, narrower than our expected range of 6.4525/6.4750. The movement is viewed as part of an on-going consolidation phase. In other words, USD could continue to trade sideways, expected to be between 6.4530 and 6.4750.”

Next 1-3 weeks: “Our update from last Friday (30 Jul, spot at 6.4650) still stands. As highlighted, the recent sharp but short-lived swings have resulted in a mixed outlook and USD could trade within a 6.4400/6.5000 range for now.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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