Further range bound trading is forecast in USD/CNH in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Yesterday, we expected USD to ‘trade sideways within a range of 6.3680/6.3830’. USD subsequently traded in a quiet manner between 6.3661 and 6.3768 before closing unchanged at 6.3755. The quiet price actions offer no fresh clues and further sideway-trading would not be surprising. Expected range for today, 6.3670/6.3830.”

Next 1-3 weeks: “Our view from Tuesday (04 Jan, spot at 6.3735) still stands. As highlighted, the outlook for USD is mixed and it could trade between 6.3400 and 6.3900 for now.”

This article was originally published by Fxstreet.com.Read the original article here.

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