USD/CNH clings to the side-lined theme – UOB

USD/CNH is still seen within the 7.0400-7.1000 range, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD traded between 7.0625 and 7.0750 yesterday, narrower than our expected range of 7.0550/7.0750. The quiet price action offers no fresh clues and USD could continue to trade sideways, expected to be within a 7.0560/7.0760.”

Next 1-3 weeks: “USD traded within relatively narrow range the last couple of days. For now, there is no change to our latest narrative from last Thursday (25 Jun, spot at 7.0760). As highlighted, USD is expected to trade sideways, likely within a broad 7.0400/7.1000 range for now.”