USD/CNH seen within 6.3050-6.3450 near term – UOB

Pablo Piovano FXStreet

UOB Group’s FX Strategists keep a mixed outlook for USD/CNH which they see unchanged in the near term.

Key Quotes

24-hour view: “USD traded between 6.3180 and 6.3302 last Friday, narrower than our sideway-trading range of 6.3150/6.3350. The price actions offer no clues and USD could continue to trade sideways, expected to be between 6.3150 and 6.3350.”

Next 1-3 weeks: “We have held the same view since last Tuesday (01 Mar, spot at 6.3100) where the underlying tone has softened but USD has to close below 6.3000 before a sustained decline is likely. USD subsequently traded sideways and the downside risk appears to have dissipated. The outlook is mixed and USD could trade between 6.3050 and 6.3450 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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