USDCNH: Further side-lined trading within 7.0600-7.2100 – UOB – by pabspiovano China Currencies Crosses Banks
24-hour view: “Yesterday, we held the view that ‘there is room for USD to test 7.1200 first before the risk of a pullback increases’. However, USD blew past 7.1200 and soared to a high of 7.1787 before pulling back sharply. The pullback amid overbought conditions suggests USD is unlikely to advance further. For today, USD is more likely to trade sideways between 7.1200 and 7.1700.”
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