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

Pablo Piovano FXStreet

FX Strategists still see USD/CNH consolidating within the 6.4400-6.5000 area in the next weeks.

Key Quotes

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.”

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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