USD/CNH forecast to keep the side-lined theme – UOB

Pablo Piovano FXStreet

UOB Group’s FX Strategists noted USD/CNH is still seen within the 6.4300-6.4900 range in the next weeks.

Key Quotes

24-hour view: “Our expectation for USD to ‘edge higher’ did not materialize as it traded within a surprisingly tight range of 102 pips (6.4588/6.4690). Despite the quiet price actions, we continue to see chance for USD to edge higher but a sustained rise above 6.4780 appears unlikely. Support is at 6.4600 followed by 6.4550.”

Next 1-3 weeks: “USD traded in a quiet manner the past couple of days and our update from Monday (28 Jun, spot at 6.4605) still stands. As highlighted, USD expected to trade sideways, likely within a 6.4300/6.4900 range.”

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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