USD/CNH: No changes to the consolidative mood – UOB

Pablo Piovano FXStreet

Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group see USD/CNH keeping the side-lined trading between 7.0600 and 7.2100 for the time being.

Key Quotes

24-hour view: “Our view for USD to weaken yesterday was incorrect as it soared to a high of 7.1837 before quickly falling back down. The sharp but short-lived swings have resulted in a mixed outlook. We expect USD to trade between 7.1200 and 7.1650 today.”

Next 1-3 weeks: “We continue to hold the same view as from last Friday (18 Nov, spot at 7.1460) where USD has likely moved into a consolidation phase. We expect USD to trade sideways for now, likely to be between 7.0600 and 7.2100.”

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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