USD/CNH sticks to the consolidative range – UOB

USD/CNH is seen keeping the ongoing side-lined mood, likely between 7.04 and 7.10, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “In line with our expectation, USD traded sideways last Friday. That said, the registered range of 7.0760/7.0900 is narrower than our expected range of 7.0700/7.0900. Momentum indicators are still mostly neutral and USD could continue to consolidate for now. Expected range for today, 7.0710/7.0900.”

Next 1-3 weeks: “USD traded within relatively narrow range the last couple of days. For now, there is no change to our latest narrative from last Thursday (25 Jun, spot at 7.0760). As highlighted, USD is expected to trade sideways, likely within a broad 7.0400/7.1000 range for now.”