USD/CNH sticks to the consolidative theme so far – UOB

USD/CNH is likely to navigate between 6.4730 and 6.5360 in the next weeks, commented FX Strategists at UOB Group.

Key Quotes

24-hour view: “Yesterday, we held the view that USD ‘could dip below 6.4850’. However, USD rebounded to an overnight high of 6.5151 after touching 6.4850. Despite the rebound, upward momentum has not improved by much. That said, there is scope for USD to edge higher to 6.5250. On the downside, a break of 6.4950 would indicate the current mild upward pressure has eased (minor support is at 6.5030).”

Next 1-3 weeks: “There is no change to our latest narrative from Monday (15 Mar, spot at 6.4970). As highlighted, the outlook is mixed and USD is likely to trade between 6.4730 and 6.5360 for a period of time.”