United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann report that the USD/CNH currency pair remains confined to a narrow intraday range, with momentum indicators described as 'mostly flat' [1]. On the previous trading day, the USD/CNH traded between 6.7423 and 6.7479, closing largely unchanged at 6.7449, representing a marginal move of -0.02% [1].
The analysts expect the USD/CNH to continue trading between 6.7400 and 6.7500 in the near term, citing the lack of directional momentum [1]. Over a 1–3 week horizon, UOB maintains the view that there is still scope for the USD to drift lower toward 6.7300, unless the pair breaches the strong resistance level at 6.7580 [1]. If this resistance is broken, the analysts suggest that range trading is likely to persist instead [1].
No significant market reaction or volatility was noted, and the overall tone remains neutral with no clear directional bias emerging from the current technical setup [1].
CONCLUSION
The USD/CNH pair continues to trade in a narrow range near 6.7450, with flat momentum indicators and no significant market movement. UOB analysts see potential for a modest drift lower unless resistance at 6.7580 is breached, suggesting a continued period of range-bound trading.