USD/CNH could have likely charted a near-term top in recent sessions, according to UOB Group’s FX Strategists.
Observation for 24 hours: “The USD failed to ‘test the solid support at 6.4500,’ as it moved in a reasonably narrow range (6.4578/6.4688) before finishing little altered at 6.4593. The majority of momentum indicators are ‘neutral,’ and the USD is projected to trade sideways today between 6.4550 and 6.4750.”
Within the next 1-3 weeks: “There isn’t anything to add to yesterday’s update (28 Jun, spot at 6.4605). As previously stated, the USD likely struck a short-term bottom last week, but it is still too early to predict a significant pullback. For the time being, the USD is more likely to move sideways in the 6.4300/6.4900 area.”
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