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USD/CNH is still seen trading between 6.5400 and 6.6200 in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We expected USD to trade within a 6.5560/6.5820 range yesterday. However, USD popped to a high of 6.5874 (low has been 6.5652). The relatively choppy price actions have resulted in mixed outlook and USD could trade sideways within a range of 6.5650/6.5950 for today.”

Next 1-3 weeks: “There is not much to add to our latest narrative from last Tuesday (24 Nov, spot at 6.5710). As highlighted, the movement in USD is viewed as part of a consolidation phase and it could trade between 6.5400 and 6.6200 for a period of time.”