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USD/CNH seen slipping within 6.7000 to 6.7100 band
UOB strategists project a one to three month drift lower for USD/CNH if it holds below cloud resistance around 6.7815, while they point to limited movement in the next few weeks.
FXStreet reports that United Overseas Bank strategists Quek Ser Leang and Lee Sue Ann expect USD/CNH to edge lower during the session, but remain confined to a narrow 6.7000 to 6.7100 trading band.
Over the coming one to three weeks, they maintain a range view of 6.6950 to 6.7270. For a one to three month horizon, UOB sees USD/CNH continuing to drift lower as long as it stays below cloud resistance near 6.7815.
In the 24 hour window, the strategists said USD moved up to 6.7146 before quickly retreating and closing unchanged at 6.7038. They add that there is a slight increase in downward momentum, with USD likely to keep trading within the 6.7000 to 6.7100 range today.