FX Strategists at UOB Group noted USD/CNH remains side-lined for the time being, likely between 7.0450 and 7.1250.
Key Quotes
24-hour view: “USD traded between 7.0739 and 7.0926 yesterday, narrower than our expected range of 7.0680/7.0930. The underlying tone has firmed somewhat and this could lead to USD edging higher to 7.1050 (next resistance is at 7.1150). Support is at 7.0840 followed by 7.0750.”
Next 1-3 weeks: “USD traded in a relatively quiet manner last Friday and for now, we continue to hold the same view from last Thursday (16 Apr, spot at 7.0770) wherein USD ‘has likely moved into a consolidation phase’ and ‘is likely to trade between 7.0450 and 7.1250 for a period.”
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