USD/CNH still seen within 7.0500/7.1250 – UOB

FX Strategists at UOB Group expect USD/CNH to trade between 7.0500 and 7.1250 in the next weeks.

Key Quotes

24-hour view: “USD traded between 7.0622 and 7.0870 (narrower than our expected 7.0650/7.0920 range) before ending the day little changed at 7.0820 (+0.08%). The price action offers no fresh clues and USD could continue to trade sideways for today, likely between 7.0650 and 7.0910.”

Next 1-3 weeks: “USD traded in a quiet manner for the past few days and there is not much to add to our update from Monday (15 Jun, spot at 7.0880). As highlighted, the current movement in USD is deemed as part of consolidation phase and USD is expected to trade between 7.0500 and 7.1250 for a period.”