USD/CNH now forecast to trade within 6.4650-6.5020 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group now see USD/CNH navigating between 6.4650 and 6.5020 in the next weeks.

Key Quotes

24-hour view: “Our view for a weaker USD yesterday was incorrect as it popped to 6.4930 before pulling back. The outlook is mixed and USD could trade sideways between 6.4750 and 6.4920 for today.”

Next 1-3 weeks: “Our update from yesterday (05 May, spot at 6.4830) still stands. As highlighted, while the recent negative phase in USD has ended, it is too soon to expect a recovery. From here, USD is expected to trade between 6.4650 and 6.5020 for period of time. Looking ahead, a clear break of 6.5020 would indicate that USD is ready for a sustained and sizeable rebound.”

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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