USD/CNH: No change to the consolidation theme – UOB – by pabspiovano China Currencies Crosses Banks
24-hour view: “We expected USD to strengthen yesterday but we were of the view that ‘any advance is expected to face strong resistance at 7.1620’. However, USD easily took out 7.1620 and soared to a high of 7.1865 before pulling back. The pullback amid overbought conditions suggests USD is unlikely to advance further. For today, USD is more likely to trade sideways within an expected range of 7.1400/7.1800.
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