FXStreet reports that UOB Group’s FX Strategists noted USD/CNH is now likely to navigate with the 6.4400-6.5200 range in the next weeks.

Next 1-3 weeks: “We highlighted yesterday that ‘6.5200 appears to be within reach and a break of this level would suggest further USD strength towards 6.5360’. USD subsequently rose to 6.5150 but the sharp sell-off from the high came as a surprise. While our ‘strong support” at 6.4650 is still intact (overnight low of 6.4689), upward momentum has waned considerably. In other words, further USD strength is unlikely. From here, USD is more likely to trade sideways, expected to be within a relatively broad range of 6.4400/6.5200.”