USD/CNH: The 6.3650-6.4050 range still prevails – UOB

Pablo Piovano FXStreet

USD/CNH is still expected to trade within the 6.3650-6.4050 range in the near term, commented FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for USD to ‘weaken to 6.3750’ did not materialize as it traded between 6.3780 and 6.3950 before closing unchanged at 6.3863. Momentum indicators are mostly flat and USD is likely to trade sideways. Expected range for today, 6.3790/6.3960.”

Next 1-3 weeks: “We continue to hold the same view as from yesterday (10 Jun, spot at 6.3830). As highlighted, USD likely to trade sideways within a range of 6.3650/6.4050.”

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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