FX Strategists at UOB Group noted that USD/CNH is still expected to navigate within the 7.0400-7.1000 range in the next weeks.
Key Quotes
24-hour view: “USD traded in a tight 7.0632/7.0710 range last Friday before closing little changed at 7.0683 (+0.02%). The price action upon opening this morning appears weak and from here, USD could edge lower to 7.0550. For today, a sustained decline below this level is not expected. Resistance is at 7.0700 followed by 7.0750.”
Next 1-3 weeks: “There is not much to add to our update from last Tuesday (25 Jun, spot at 7.0760). The quiet price actions since then reinforce our view that USD/CNH is still expected to trade sideways, likely within a broad 7.0400/7.1000 range.”
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