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USD/CNH trades sideways near 6.7041 as yuan shows firmer bias

UOB expects USD/CNH to stay in a 6.7000 to 6.7105 intraday band, while its 1 to 3 week outlook calls for a broader 6.6950 to 6.7270 range.

Reported · Written up by our desk · Major Pairs

USD/CNH slipped to 6.7008 before closing at 6.7041, according to a note from United Overseas Bank strategist Quek Ser Leang cited by FXStreet.

The report said intraday price action is expected to remain confined between 6.7000 and 6.7105.

For the coming 1 to 3 weeks, FXStreet reported the strategist sees the pair boxed in a 6.6950 to 6.7270 range.

On a 1 to 3 month horizon, he expects USD/CNH to keep edging lower as long as it stays below the cloud’s upper boundary near 6.7815.

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