United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann have reiterated a neutral stance on the USD/CNH currency pair, citing recent directionless trading and expectations for continued consolidation within a narrow band. The analysts forecast intraday movement between 6.7760 and 6.7880, following a recent dip in the US dollar to 6.7690 before a subsequent recovery. They note that, while there is a slightly firmer underlying tone, the pair is expected to remain range-bound in the near term [1].
For the 1–3 week horizon, UOB projects that USD/CNH will trade within a broader range of 6.7620 to 6.7980, maintaining their neutral outlook since June 4, when the spot rate was at 6.7750. The analysts emphasize that the currency pair has exhibited directionless movement within this range since their last update [1].
Looking further ahead, over the next 1–3 months, UOB anticipates that USD/CNH will continue to grind lower. However, they express uncertainty regarding whether the pair will reach the 2023 low of 6.6980 [1]. No specific market reactions or analyst opinions beyond the stated forecasts are mentioned in the source article.
CONCLUSION
UOB analysts expect the USD/CNH pair to remain in a tight trading range in the short term, with a neutral outlook prevailing. While a gradual decline is anticipated over the coming months, there is uncertainty about reaching previous lows. Market impact is expected to be limited given the lack of directional momentum.