FX Strategists at UOB Group still expect USD/CNH to trade within the 7.0400/7.10000 range in the next weeks.
24-hour view: “Our expectation that USD ‘could weaken to 7.0600’ did not materialize as it rebounded from a low of 7.0630. The underlying tone still appears soft and we continue to see chance of USD moving to 7.0600. A dip below this level is not ruled out but for today, 7.0550 is unlikely to come into the picture. Resistance is at 7.0730 followed by 7.0780.”
Next 1-3 weeks: “USD traded within relatively narrow range the last couple of days. For now, there is no change to our latest narrative from last Thursday (25 Jun, spot at 7.0760). As highlighted, USD is expected to trade sideways, likely within a broad 7.0400/7.1000 range for now.”
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