Chinese Yuan: Sideways with firmer bias against US Dollar - UOB
United Overseas Bank (UOB) strategist Quek Ser Leang reports USD/CNH slipped to 6.7008 before closing at 6.7041, with intraday price action expected to stay between 6.7000 and 6.7105. For the coming 1–3 weeks, he continues to see the pair confined to a 6.6950–6.7270 range.
UOB strategist Quek Ser Leang notes that the USD/CNH rate slipped to 6.7008 before closing at 6.7041, with intraday fluctuations expected to remain between 6.7000 and 6.7105. He anticipates the pair to stay within a 6.6950–6.7270 range over the next 1–3 weeks. For a 1–3 month outlook, he believes USD/CNH will continue to decline as long as it trades below the cloud's upper boundary near 6.7815.
The previous expectation of USD trading in a range between 6.7085 and 6.7230 was proven inaccurate, as the US Dollar dropped to 6.7008 and then remained range-bound for the rest of the session. Today, USD is anticipated to trade sideways between 6.7000 and 6.7105.
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