USD/CNH faces extra range bound in the near term – UOB

USD/CNH is still seen navigating within the 6.3520-6.3670 range in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD traded between 6.3555 and 6.3675 yesterday, narrower than our sideway-trading range of 6.3550/6.3730. Further sideway-trading appears likely, expected to be within a range of 6.3520/6.3670.”

Next 1-3 weeks: “There is no change in our view from last Monday (07 Feb, spot at 6.3600). We continue to view the current movement as part of a consolidation phase and expect USD to trade between 6.3400 and 6.3805 for now.”