According to UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, USD/CNH is still seen trading within the 6.8500-6.9200 range for the time being.

Key Quotes

24-hour view: “We highlighted yesterday that the outlook for USD is mixed and we expected it to trade in a choppy manner between 6.8600 and 6.8950. USD subsequently traded in a range of 6.8741/6.9006 before closing largely unchanged at 6.8741 (-0.01%). The outlook remains mixed and today, we expect USD to trade in a range of 6.8600/6.8900.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (03 Apr, spot at 6.8800). As highlighted, the recent build-up in downward momentum has faded quickly.  For now, the outlook for USD is mixed and it is likely to trade between 6.8500 and 6.9200 for now.”