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USD/CNH is likely to trade within the 6.6275-6.7900 range in the next weeks, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “Within a few hours after opening this morning, USD has traversed a huge range between 6.6488 and 6.7208. The sharp and short-lived swings have resulted in an unclear outlook. Further volatile price actions would not be surprising, likely between 6.6400 and 6.7400.”

Next 1-3 weeks: “USD plunged to a low of 6.6488 earlier this morning before rocketing to 6.7208. This is the biggest 1-day range (so far) since ‘March mayhem’. The near-term outlook is unclear but for now, USD is likely to stay within October’s range of 6.6275/6.7900.”