FXStreet reports that FX Strategists at UOB Group note that further rangebound, likely between 6.4600 and 6.5050 appears probable in USD/CNH in the next weeks.

24-hour view: “Yesterday,... USD cracked 6.4730 and dropped to 6.4654 before rebounding slightly. Downward momentum is showing tentative signs of waning and this coupled with oversold conditions suggests that USD is unlikely to weaken much further. For today, USD is more likely to consolidate and trade between 6.4630 and 6.4850.”

Next 1-3 weeks: “We continue to hold the same view as yesterday (24 Aug, spot at 6.4790). As highlighted, the outlook is mixed and USD could trade between 6.4600 and 6.5050 for a period of time. Looking ahead, the downside risk appears to be greater but USD has to close below the major support at 6.4500 before a sustained decline can be expected.”