USD/CNH is still seen within the 6.4730-6.5360 range in the next weeks, in opinion of FX Strategists at UOB Group.
Key Quotes
24-hour view: “Yesterday, we held the view that USD ‘is likely to consolidate and trade between 6.4850 and 6.5150’. USD subsequently traded sideways, albeit within a narrower range than expected (6.4940/6.5165). Indicators are mostly flat and further sideway-trading would not be surprising. Expected range for today, 6.4850/6.5100.”
Next 1-3 weeks: “Last Thursday (11 Mar, spot at 6.5020), we highlighted that the recent positive phase has come to an end and we expected USD to ‘trade between 6.4730 and 6.5360’. USD subsequently dropped to 6.4769 before rebounding strongly on Friday. The outlook is mixed and for now, we continue to hold the same view wherein USD is likely to trade between 6.4730 and 6.5360 for a period of time.”
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