USD/CNH faces extra rangebound within 6.4240/6.4800 – UOB

Pablo Piovano FXStreet

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.”

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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