FX Strategists still see USD/CNH consolidating within the 6.4400-6.5000 area in the next weeks.
24-hour view: “Our expectation for USD to ‘weaken further’ yesterday did not materialize as it traded in a quiet manner between 6.4639 and 6.4775. The quiet price actions offer no fresh clues and USD could trade sideways for today, expected to be within a 6.4600/6.4800 range.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (22 Jul, spot at 6.4660). As highlighted, USD is still in a consolidation and it could trade sideways between 6.4400 and 6.5000 for now.”
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