USD/CNH: Further rangebound in the pipeline – UOB

USD/CNH is seen keeping the 6.5400-6.6200 range in the next weeks, according to UOB Group’s FX Strategists.

Key Quotes

24-hour view: “We expected USD to trade within a lower range of 6.5550/6.5850 yesterday. However, USD traded in a quiet manner between 6.5567 and 6.5732. The quiet price actions offer no fresh clues and USD could continue to consolidate, expected to be within a 6.5550/6.5780 range.”

Next 1-3 weeks: “There is not much to add to our update from Tuesday (24 Nov, spot at 6.5710). As highlighted, the recent weak phase in USD has ended and the current movement is viewed as part of a consolidation phase. From here, USD is expected to trade between 6.5400 and 6.6200 for a period of time.”