FXStreet reports that UOB Group’s FX Strategists noted USD/CNH is expected to keep the side-lined theme between 6.4400 and 6.5000 in the next weeks.

Next 1-3 weeks: “We highlighted yesterday that the ‘current movement is viewed as part of a consolidation and USD is likely to trade sideways for now’. We added, ‘looking ahead, the upside risk appears to be greater but USD has to close above 6.5000 before a sustained advance can be expected’. USD subsequently dropped sharply and took out the support at 6.4680. The price actions suggest that USD is still in a consolidation and it could USD could trade sideways between 6.4400 and 6.5000 for now.”