USD/CNH now faces some consolidation – UOB – by pabspiovano China Currencies Crosses Banks
now appears exposed to some range bound trade within 6.7270-6.7950, note Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.24-hour view: “We highlighted yesterday that ‘the price movements are likely part of a broad consolidation range’ and we expected USD to ‘trade between 6.7300 and 6.7700’. USD subsequently traded within a narrower range than expected . Further consolidation appears likely, expected to be between 6.7400 and 6.7700.
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