USD/CNH faces further consolidation near term – UOB

Pablo Piovano FXStreet

USD/CNH is still seen navigating the 7.0900/7.1800 range for the time being, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: We expected USD to trade in a range of 7.1200/7.1600 last Friday. However, USD fell to a low of 7.1050 and then rebounded. We view the price actions as part of a consolidation phase and expect USD to trade between 7.1200 and 7.1630 today.

Next 1-3 weeks: There is not much to add to our update from last Friday (16 Jun, spot at 7.130). As highlighted, the recent USD strength has ended. USD has likely moved into a consolidation phase and is likely to trade between 7.0900 and 7.1800 for the time being.

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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