USD/CNH: No changes to the side-lined mood so far – UOB

UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, still see USD/CNH trading between 6.7270 and 6.7950 in the next few weeks.

Key Quotes

24-hour view: “We held the view that USD “is likely to consolidate between 6.7400 and 6.7700” yesterday. Our view for consolidation was not wrong, however, USD traded within a narrower range than expected (6.7489/6.7665). Further consolidation appears likely, expected to be between 6.7400 and 6.7680.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (31 Jan, spot at 6.7580). As highlighted, the recent build-up in upward momentum has faded and USD is likely to trade sideways within a range of 6.7270/6.7950 for now.”