USD/CNH moved into a 6.5400-6.6200 range – UOB
FX Strategists at UOB Group see USD/CNH consolidating within the 6.5400-6.6200 range in the next weeks.
24-hour view: “USD traded between 6.5637 and 6.5802 last Friday, narrower than our expected consolidation range of 6.5550/6.5780. The quiet price actions offer no fresh clues and USD could continue to consolidate, expected to be within a 6.5560/6.5820 range.”
Next 1-3 weeks: “There is not much to add to our update from Tuesday (24 Nov, spot at 6.5710). As highlighted, the recent weak phase in USD has ended and the current movement is viewed as part of a consolidation phase. From here, USD is expected to trade between 6.5400 and 6.6200 for a period of time.”