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USD/CNH consolidates near 6.7200, UOB flags downside risk
UOB expects USD/CNH to trade between 6.7120 and 6.7220 over the coming days, with resistance seen at 6.7330.
UOB analysts Quek Ser Leang and Lee Sue Ann say USD/CNH is consolidating after moving to around 6.7200, with momentum slowing in the very near term, according to FXStreet.
In the near term, they expect the pair to trade in a range of 6.7120 to 6.7220, and note that a rapid build-up in momentum could still lift USD/CNH toward 6.7250, where they see major resistance at 6.7330.
Looking further out, UOB expects a gradual downside bias while USD/CNH remains below 6.7815, even though they say it is too early to expect a sustained pullback.
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