USD/CNH now seen within 6.3300-6.3900 – UOB

USD/CNH remains side-lined within the 6.3300-6.3900 range for the time being, commented FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectations for USD to ‘test 6.3450’ did not materialize as it traded sideways between 6.3555 and 6.3660. Momentum indicators are mostly neutral and further sideway trading seems likely. Expected range for today, 6.3530/6.3730.”

Next 1-3 weeks: “We continue to hold the same view as yesterday (17 Mar, spot at 6.3600). As highlighted, the recent upward pressure has eased and USD is likely to consolidate and trade within a broad range of 6.3300/6.3900 for now.”