According to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, USD/CNH is expected to keep navigating the 6.7350-6.8000 range for the time being.

Key Quotes

24-hour view: “USD traded between 6.7468 and 6.7686 last Friday, close to our expected sideway-trading range of 6.7470/6.7700. Further sideway trading seems likely even though the slightly firmed underlying tone suggests a higher range of 6.7540/6.7750.”

Next 1-3 weeks: “We continue to hold the same view as last Wednesday (03 Aug, spot at 6.7750) where is USD is likely to trade between 6.7350 and 6.8000 for now.”