USD/CNH: Downside momentum appears subsided - UOB

Market news

8 October 2021

USD/CNH: Downside momentum appears subsided - UOB

FXStreet reports that UOB Group’s FX Strategists remain of the view that USD/CNH is to trade within the 6.4240/6.4800 range for the time being.

24-hour view: “We expected USD to ‘trade between 6.4460 and 6.4660’ yesterday. USD subsequently traded within a narrower range than expected (6.4481/6.4566). The quiet price actions offer no fresh clues and further sideway-trading appears likely. Expected range for today, 6.4450/6.4650.”

Next 1-3 weeks: “As highlighted, the recent downside risk has dissipated and USD is likely to trade between 6.4240 and 6.4800 for a period of time.”

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