USD/CNH is still expected to trade within the 6.3650-6.4050 range in the near term, commented FX Strategists at UOB Group.
24-hour view: “Our expectation for USD to ‘weaken to 6.3750’ did not materialize as it traded between 6.3780 and 6.3950 before closing unchanged at 6.3863. Momentum indicators are mostly flat and USD is likely to trade sideways. Expected range for today, 6.3790/6.3960.”
Next 1-3 weeks: “We continue to hold the same view as from yesterday (10 Jun, spot at 6.3830). As highlighted, USD likely to trade sideways within a range of 6.3650/6.4050.”