No changes to the consolidation theme in USD/CNH – UOB

Pablo Piovano FXStreet

USD/CNH is seen still trading between 6.6600 and 6.7400 for the time being, commented FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “Our expectations for USD to ‘head higher’ did not quite materialize as it traded between 6.6930 and 6.7176 before closing little changed at 6.7087 (+0.09%). Momentum indicators are neutral and USD is likely to trade sideways. Expected range for today, 6.6900/6.7200.”

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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