FXStreet reports that FX Strategists at UOB Group now see USD/CNH returning to the previous consolidative stance, likely within the 6.4400-6.5000 range.

Next 1-3 weeks: “While we noted yesterday that ‘the prospect for USD to move to 6.5500 has diminished’ we did not anticipate the subsequent sharp sell-off to 6.4563. The break of our ‘strong support’ at 6.4820 indicates that the build-up in momentum (when USD soared to 6.5289 on Wednesday) fizzled out quickly. The sharp but short-lived swings have resulted in a mixed outlook and USD could trade within a 6.4400/6.5000 range for now.”