FX Strategists at UOB Group expect USD/CNH to stay within a consolidative range between 6.6850 and 6.7850.
24-hour view: “We expected USD to weaken yesterday but were of the view ‘any decline is likely limited to a test of 6.6950’. However, USD rebounded quickly from a low of 6.7018. Momentum indicators are mostly neutral and USD could continue to trade sideways. Expected range for today, 6.7000/6.7300.”
Next 1-3 weeks: “There is not much to add to our latest narrative from Wednesday (14 Oct, spot at 6.7360). As highlighted, the current movement in USD is viewed as part of a consolidation phase and USD could trade between 6.6850 and 6.7850 for a period of time.”
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