USD/CNH faces extra rangebound within 6.4240/6.4800 – UOB
|USD/CNH keeps the mixed outlook unchanged and points to further consolidation within the 6.4240/6.4800 range so far, commented FX Strategists at UOB Group.
Key Quotes
24-hour view: “Yesterday, we expected USD to ‘trade sideways between 6.4350 and 6.4550’. However, USD dropped to 6.4298 before rebounding to close little changed at 6.4370 (-0.08%). The underlying tone has weakened somewhat and USD could retest the 6.4300 level before a more sustained rebound can be expected. Resistance is at 6.4460 followed by 6.4550.”
Next 1-3 weeks: “There is not much to add to our update from Monday (13 Sep, spot at 6.4445). As highlighted, the outlook for USD remains mixed and it could trade within a 6.4240/6.4800 range for now.”
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