FXStreet reports that UOB Group’s FX Strategists said that USD/CNH poised to extend the consolidation range within the 6.4240-6.4800 range in the next weeks.

Next 1-3 weeks: “Our latest narrative was from last Wednesday, where we highlighted that the outlook of USD is mixed and it could trade within a 6.4300/6.4800 range for a period of time. USD plummeted to 6.4261 on Friday before rebounding quickly. The choppy price actions offer no clarity and the outlook for USD remains mixed. Further choppy price actions are not ruled out but in view of the increased volatility, USD could trade in a broader range of 6.4240/6.4800.”