USD/CNH moved into a consolidative phase – UOB

Pablo Piovano FXStreet

According to FX Strategists at UOB Group, USD/CNH is still seen trading between 6.4359 and 6.4880 for the time being.

Key Quotes

24-hour view: “USD traded between 6.4540 and 6.4691 yesterday, narrower than our expected consolidation range of 6.4520/6.4700. The quiet price actions offer no fresh clues and further consolidation appears likely. Expected range for today, 6.4530/6.4730.”

Next 1-3 weeks: “There is not much to add to our update from last Friday (24 Sep, spot at 6.4610). As highlighted, USD is still in a consolidation phase and could trade between 6.4350 and 6.4880 for a period of time.”

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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