USD/CNH: Further rangebound in the pipeline - UOB

Market news

27 November 2020

USD/CNH: Further rangebound in the pipeline - UOB

FXStreet reports that according to UOB Group’s FX Strategists, USD/CNH is seen keeping the 6.5400-6.6200 range in the next weeks.

24-hour view: “USD traded in a quiet manner between 6.5567 and 6.5732. The quiet price actions offer no fresh clues and USD could continue to consolidate, expected to be within a 6.5550/6.5780 range.”

Next 1-3 weeks: “There is not much to add to our update from Tuesday (24 Nov, spot at 6.5710). As highlighted, the recent weak phase in USD has ended and the current movement is viewed as part of a consolidation phase. From here, USD is expected to trade between 6.5400 and 6.6200 for a period of time.”

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