According to UOB Group’s FX Strategists, the bullish trend could push USD/CNH to the 6.4900 level in the next weeks.
Observation for 24 hours: “The USD did not’strengthen further,’ as it traded between 6.4650 and 6.4829 before finishing barely changed at 6.4753, contrary to our expectations (-0.02 percent ). The prognosis for today is mixed, with the USD possibly trading sideways in a range of 6.4670-6.4870.”
Within the next 1-3 weeks: “‘Shorter-term upward momentum has improved, and USD is projected to trade with an upward tilt towards 6.4900 from here,’ we said yesterday (07 Jul, spot at 6.4800). While our opinion has not changed, the USD has been unable to make any progress on the upside, trading in a range of 6.4650-6.4829 before finishing little changed at 6.4753. (-0.02 percent ). For the time being, we expect the USD to trade higher, with a break of 6.4640 indicating that the current upward momentum has abated.”

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