USD/CNH points to consolidation near-term – UOB

The research team at UOB Group noted the pair will remain poised for further consolidation in the next 1-3 weeks.

Key Quotes

“While USD moved above the strong 6.6300 resistance, it was unable to hold on to its gains”.

“The rapid reversal from the high of 6.6510 suggests that this pair is still trapped in a broad range for now. In other words, there is no change to the current neutral view”.