FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang still see USD/CNH extending the consolidative mood between 6.7280 and 6.7800 in the next weeks.

Key Quotes

24-hour view: “We indicated yesterday that the ‘outlook for USD is mixed’ and we expected USD to ‘trade within a range of 6.7380/6.7680’. USD subsequently traded between 6.7348 and 6.7555 before closing largely unchanged (6.7425, -0.03%). The outlook remains mixed and we expect USD to trade between 6.7350 and 6.7650 for today.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (28 Jul, spot at 6.7525). As highlighted, USD is likely to consolidate and trade between 6.7280 and 6.7800.”