USD/CNH is still seen navigating the 6.6500-6.8000 range in the next few weeks, noted FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
24-hour view: “Our view for USD to “trade within a range of 6.6590/6.6880” was incorrect as it rose to a high of 6.7132 before pulling back. The underlying tone has firmed and USD could edge higher but is unlikely to break the resistance at 6.7350. Support is at 6.6900 followed by 6.6750.”
Next 1-3 weeks: “There is no change in our view from Monday (30 May, spot at 6.7200). As highlighted, the recent choppy price actions have resulted in a mixed outlook and USD could trade within a broad range of 6.6500/6.8000 for now.”
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