UOB Analysts See USD/CNH Trading Within Defined Ranges

Analysts at United Overseas Bank (UOB) have revised their outlook on the Chinese Yuan, also known as CNH, against the US Dollar. According to a recent report, the pair is likely to trade within defined intraday and 1-3 week ranges.

The report notes that despite a sharp rebound in USD/CNH last Friday, followed by a drop, downward momentum has increased but remains insufficient to signal a sustained decline.

In their 24-hour view, UOB analysts Quek Ser Leang and Lee Sue Ann expect USD/CNH to trade between 6.7120 and 6.7250.

Looking ahead to the next 1-3 weeks, they predict that the pair could edge lower but remain contained within a 6.7050/6.7300 range, citing increased downward momentum but insufficient evidence for a continued decline.