USD/CNH expected to keep the 6.3050-6.3450 range – UOB By pabspiovano China Currencies Crosses Banks
remains mixed and the pair is seen extending the 6.3050-6.3450 range in the next weeks, commented FX Strategists at UOB Group.24-hour view: “We expected USD to ‘consolidate and trade between 6.3050 and 6.3260’ yesterday. USD subsequently dipped to 6.3062, rebounded to 6.3348 before easing off to close at 6.3239 . The movement is still viewed as part of a consolidation phase and USD is expected to trade within a range of 6.3080/6.3350.
Next 1-3 weeks: “Yesterday , we highlighted that downward momentum is beginning to build again but USD has to close below 6.3050 before a sustained decline is likely. USD subsequently dropped to 6.3062 before rebounding to take out our ‘strong resistance’ level at 6.3330 . The choppy price actions have resulted in a mixedInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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