USD/CNH: No changes to the range bound theme – UOB

USD/CNH is expected to keep the trade between 6.6600 and 6.7400 in the next few weeks, commented FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “Yesterday, we held the view that ‘the bias for USD is on the downside towards 6.6700’. Our view did not materialize as USD traded sideways between 6.773 and 6.6940. Momentum indicators are mostly neutral and USD could continue to trade sideways. Expected range for today, 6.6780/6.7050.”

Next 1-3 weeks: “We have expected USD to trade sideways between 6.6600 and 6.7400 since last Monday (20 Jun, spot at 6.7080). While shorter-term downward momentum has improved somewhat, there is no change in our view for now.”