Chinese Yuan: Range-bound with slight downside bias against US Dollar – UOB
Quek Ser Leang at UOB notes USD/CNH remains directionless, trading narrowly around 6.71 with little change in momentum. Intraday, the pair is expected to hold between 6.7060 and 6.7160.
The Chinese Yuan (CNH) has remained directionless against the US Dollar (USD), trading within a narrow range around 6.71. UOB, a banking institution, projects the pair will hold between 6.7060 and 6.7160 intraday. Over the upcoming one to three weeks, there is still a possibility for the USD to increase slightly, but this rise should remain within a broader range of 6.7040 to 6.7290.
Over the past 24 hours, the USD traded within a range of 6.7060/6.7146, closing at 6.7093, down 0.09%. Analysts note that there has been no change in the momentum of the USD, and they anticipate it to stay within the 6.7040/6.7120 range.
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