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Yuan stays in a tight USD/CNH band around 6.7000, UOB says

UOB expects USD/CNH to remain in the 6.7000 to 6.7100 range for 1 to 3 weeks, while its 1 to 3 month view calls for a gradual drift lower if resistance near 6.7815 holds.

Reported · Written up by our desk · Major Pairs

United Overseas Bank strategists Quek Ser Leang and Lee Sue Ann said USD/CNH has been trading in a narrow intraday band around 6.7000, with a slightly firmer tone in the very short term, according to FXStreet.

They expect range trading over the next 1 to 3 weeks, but in the 1 to 3 month window they look for a gradual drift lower as long as key resistance near 6.7815 continues to cap upside.

In the most recent session described by FXStreet, USD moved within the tight range, rising to 6.7056 before dipping to 6.6997.

Even with the tone firming somewhat, FXStreet notes UOB still expects USD to stay likely within 6.7000 to 6.7100.

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