USD/CNH poised for further consolidation – UOB – by pabspiovano China Currencies Banks Crosses
is expected to remain side-lined within the 6.9000-6.9700 range for the time being, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.24-hour view: “We expected USD to ‘trade between 6.9150 and 6.9450’ yesterday. USD subsequently rose to 6.9480, dropped to 6.9109 before rebounding to close at 6.9197 . The underlying tone has weakened and USD is likely to edge lower for today. That said, any weakness is unlikely to break the major support at 6.9000. Resistance is at 6.
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