USD/CNH remains stuck within the 6.6600-6.7400 range – UOB

Pablo Piovano FXStreet

No changes to the consolidation theme around USD/CNH in the near term, commented FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “We highlighted yesterday that ‘momentum indicators are neutral’ and we expected USD to ‘trade sideways within a range of 6.6900/6.7200’. Our view for sideway trade sideways was not wrong even though USD traded within a narrower range than expected (6.6902/6.7116). Further sideway-trading still appears likely, expected to be within a range of 6.6850/6.7080.”

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.”

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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