USD/CNH is still forecast to keep the 6.3400-6.3805 range in the short-term horizon, commented FX Strategists at UOB Group.

Key Quotes

24-hour view: “Yesterday, we expected USD to ‘trade sideways between 6.3620 and 6.3760’. USD subsequently traded between 6.3600 and 6.3699 before closing little changed at 6.3618 (0.06%). The quiet price actions offer no fresh clues and we continue to expect USD to trade sideways, likely within a range of 6.3590/6.3740.”

Next 1-3 weeks: “There is no change in our view from Monday (07 Feb, spot at 6.3600). We continue to view the current movement as part of a consolidation phase and expect USD to trade between 6.3400 and 6.3805 for now.”