USD/CNH now forecast to trade within 6.4650-6.5020 – UOB
|FX Strategists at UOB Group now see USD/CNH navigating between 6.4650 and 6.5020 in the next weeks.
Key Quotes
24-hour view: “Our view for a weaker USD yesterday was incorrect as it popped to 6.4930 before pulling back. The outlook is mixed and USD could trade sideways between 6.4750 and 6.4920 for today.”
Next 1-3 weeks: “Our update from yesterday (05 May, spot at 6.4830) still stands. As highlighted, while the recent negative phase in USD has ended, it is too soon to expect a recovery. From here, USD is expected to trade between 6.4650 and 6.5020 for period of time. Looking ahead, a clear break of 6.5020 would indicate that USD is ready for a sustained and sizeable rebound.”
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