According to FX Strategists at UOB Group, USD/CNH is expected to accelerate gains if the 6.5000 level is cleared in the near term.
24-hour view: “USD traded between 6.4670 and 6.4820 yesterday, narrower than our expected range of 6.4660/6.4870. The movement is still viewed as part of a consolidation even though the slightly firmed underlying tone suggests a higher trading range of 6.4700/6.4900.”
Next 1-3 weeks: “Our view from Monday (12 Jul, spot at 6.4810) still stands. As highlighted, the current movement is viewed as part of a consolidation phase and USD could trade within a 6.4600/6.5000 range for a period of time. Looking ahead, a sustained advance is likely only if USD closes above 6.5000.”
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