FXStreet reports that FX Strategists at UOB Group said that further rangebound between 6.4300 and 6.4900 is now expected in USD/CNH.

Next 1-3 weeks: “We have expected USD to strengthen since the middle of the month. In our latest narrative from last Friday, we indicated that ‘risk of a short-term top has increased’ and ‘a break of 6.4500 would indicate that USD strength has run its course’. USD subsequently dropped to 6.4531 during NY session before rebounding slightly. While 6.4500 is still intact, upward momentum has waned considerably and last week’s 6.4946 is likely a short-term top. That said, it is too early expect a sizeable pullback. From here, USD could trade within a 6.4300/6.4900 range for a period of time.”