USD/CNH: No change in the consolidative theme – UOB

Pablo Piovano FXStreet

USD/CNH is likely to keep the rangebound trading unchanged between 6.4730 and 6.5360 for the time being.

Key Quotes

24-hour view: “Our expectation for USD to ‘edge higher to 6.5250’ did not materialize as it traded in a quiet manner within a 6.5020/6.5185 range. The price actions offer no fresh clues and USD could continue to trade sideways. That said, the slightly weakened underlying tone suggests a lower trading range of 6.4950/6.5180.”

Next 1-3 weeks: “There is no change to our latest narrative from last Monday (15 Mar, spot at 6.4970). As highlighted, the outlook is mixed and USD is likely to trade between 6.4730 and 6.5360 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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