In opinion of FX Strategists at UOB Group, USD/CNH is predicted to keep the trading range between 6.3300 and 6.3900 in the next weeks.
Key Quotes
24-hour view: “We expected USD to ‘trade sideways within a range of 6.3530/6.3730’ last Friday. USD subsequently popped to 6.3807 before easing off to close little change at 6.3675 (+0.03%). We continue to expect USD to trade sideways, likely between 6.3600 and 6.3800.”
Next 1-3 weeks: “We continue to hold the same view as from last Thursday (17 Mar, spot at 6.3600). As highlighted, the recent upward pressure has eased and USD is likely to consolidate and trade within a broad range of 6.3300/6.3900 for now.”
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