USD/CNH: Further consolidation stays well on the cards – UOB

Pablo Piovano FXStreet

USD/CNH is still seen trading within the 6.4240-6.4800 range in the next weeks, commented FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectations for USD to ‘strengthen further to 6.4710’ did not materialize as it traded between 6.4497 and 6.4640 before closing little changed at 6.4555 (-0.05%). Momentum indicators have turned neutral and USD is likely to trade sideways for today, expected to be within a 6.4450/6.4650 range.”

Next 1-3 weeks: “We have held the same view since last Wednesday (06 Oct, spot at 6.4500). As highlighted, USD is likely to trade between 6.4240 and 6.4800 for a period of time. Looking ahead, the odds for a break of 6.4800 first are higher but USD has to close above 6.4880 before a sustained advance can be expected.”

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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