UOB group FX strategists are waiting USD / CNH to stay in the 7.0700 / 7.1400 range for the next few weeks.
24 hour view: “We stressed yesterday that the USD” should continue to consolidate “and we expected it to” trade in the range of 7.1000 / 7.1220 “. Our opinion does not was not exactly wrong, but the USD was trading in a lower range than expected (between 7.0892 and 7.11135). Price action offers no new indication and further consolidation would not be possible. not surprising. Expected range for today, 7.0850 / 7.1110. “
1-3 weeks later: “After falling sharply at the end of last week, the USD could not make much progress downward. The downward pressure has eased and our expectation of the USD towards the end of April low of 7.0535 should not be realized. From there, the USD is more likely to trade laterally and in a wide range of 7.0700 and 7.1400 for a period. “