USD/CNH is still seen trading between 6.3400 and 6.3805 in the short term, commented FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD rose to 6.3690 last Friday before easing off. Momentum indicators are mostly neutral and the current movement is likely part of a consolidation phase. For today, USD is likely to trade sideways between 6.3500 and 6.3700.”

Next 1-3 weeks: “While USD soared to a high of 6.3861 early last week, it was unable to hold on to its gains as it pulled back sharply. The price actions suggest USD is likely in a consolidation phase and it is expected to trade between 6.3400 and 6.3805 for now.”