According to UOB analyst Quek Ser Leang, the Chinese Yuan (CNY) has remained range-bound against the US Dollar (USD), with the USD/CNH pair trading narrowly around 6.71 and showing little change in momentum. The intraday trading range is expected to be between 6.7060 and 6.7160, reflecting a lack of significant directional movement in the short term [1].
Over a 1–3 week horizon, UOB maintains its view that there is potential for the US Dollar to edge higher against the Yuan, but any advance is likely to remain contained within a broader range of 6.7040 to 6.7290. The analysis notes that while upward momentum has slowed somewhat, the overall outlook remains unchanged, with no fresh clues emerging from recent price action [1].
Recent trading sessions saw the USD/CNH pair close little changed, with Friday's close at 6.7093 (-0.09%) and the following session closing at 6.7096. The price action continues to indicate a lack of clear momentum in either direction, reinforcing expectations for continued range-bound trading in the near term [1].
CONCLUSION
The Chinese Yuan is expected to remain in a tight trading range against the US Dollar, with only a slight downside bias. Market participants should anticipate limited volatility and no significant directional moves in the short term, according to UOB's analysis.