USD/CNH sticks to the consolidation theme – UOB

Pablo Piovano FXStreet

USD/CNH is still seen trading between 6.3400 and 6.3805 in the short term, commented FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD rose to 6.3690 last Friday before easing off. Momentum indicators are mostly neutral and the current movement is likely part of a consolidation phase. For today, USD is likely to trade sideways between 6.3500 and 6.3700.”

Next 1-3 weeks: “While USD soared to a high of 6.3861 early last week, it was unable to hold on to its gains as it pulled back sharply. The price actions suggest USD is likely in a consolidation phase and it is expected to trade between 6.3400 and 6.3805 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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