USD/CNH keeps the range bound trade unchanged – UOB

USD/CNH sticks to the 6.3050-6.3450 consolidation range for the time being, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We expected USD to trade sideways between 6.3150 and 6.3350 yesterday. USD subsequently traded between 6.3126 and 6.3297 before closing largely unchanged at 6.3263 (+0.02%). The price actions offer no fresh clues and we continue to expect USD to trade sideways, albeit within a lower range of 6.3100/6.3300.”

Next 1-3 weeks: “There is not much to add to our update from Tuesday (07 Mar, spot at 6.3240). As highlighted, the outlook is mixed and USD could trade between 6.3050 and 6.3450 for now.”