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FX Strategists at UOB Group forecast USD/CNH to keep navigating within 7.0500 and 7.1250 in the next weeks.

Key Quotes

24-hour view: “USD closed at 7.0595 in NY (-0.26%) but at the time of writing, headlines on USD-China trade sent it soaring. The rapid rise has room to extend further but for today, a move beyond 7.1000 is unlikely. Support is at 7.0690 followed by 7.0600.”

Next 1-3 weeks: “USD traded in a quiet manner for the past few days and there is not much to add to our update from Monday (15 Jun, spot at 7.0880). As highlighted, the current movement in USD is deemed as part of consolidation phase and USD is expected to trade between 7.0500 and 7.1250 for a period.”