USD/CNH: No changes to the range bound trade – UOB

Pablo Piovano FXStreet

USD/CNH is still predicted to extend the 6.7350-6.8000 consolidation theme for the next week, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “We expected USD to ‘trade sideways within a range of 6.7470/6.7700’ yesterday. USD subsequently traded between 6.7496 and 6.7678 before closing little changed at 6.7523 (-0.09%). The underlying tone has softened somewhat and USD is likely to edge lower. That said, any weakness is likely limited to a test 6.7400 (minor support is at 6.7450). On the upside, a break of 6.7660 would indicate the current mild downward pressure has eased.”

Next 1-3 weeks: “We continue to hold the same view as Wednesday (03 Aug, spot at 6.7750) where is USD is likely to trade between 6.7350 and 6.8000 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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