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USD/CNH poised for further consolidation UOB

USD/CNH is likely to remain side-lined within the 6.9000-6.9700 range for the moment, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: We expected USD to trade between 6.9150 and 6.9450 yesterday. USD subsequently rose to 6.9480, dropped to 6.9109 before rebounding to close at 6.9197 (-0.26%). The underlying tone has weakened and USD will probably edge lower for today. Having said that, any weakness is unlikely to break the major support at 6.9000. Resistance reaches 6.9260 accompanied by 6.9360.

Next 1-3 weeks: Yesterday (12 Sep, spot at 6.9180), we indicated that the recent month-long rally in is finished and we expect USD to consolidate and trade between 6.9000 and 6.9700. There is absolutely no change inside our view for the present time. Looking ahead, if USD breaks clearly below 6.9000, it might trigger a pullback to 6.8700.

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