FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang expect USD/CNH to extend the 6.7280-6.7800 range for the time being.

Key Quotes

24-hour view: “Yesterday, USD traded in a choppy manner between 6.7393 and 6.7703 before closing at 6.7449 (-0.33%). The price actions have resulted in a mixed outlook and USD could continue to trade in a choppy manner, expected to be within a range of 6.7380/6.7680.”

Next 1-3 weeks: “USD traded mostly sideways for the past few days and the movement is likely part of a consolidation phase. Further sideway-trading seems likely, expected to be between 6.7280 and 6.7800.”