UOB suggests that there may be a period of consolidation ahead for USDCNH, currently trading at 7.20111.

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USDCNH Chart by TradingView

Considering the recent price action, USD/CNH is now seen trading between 7.1300 and 7.2450, comment UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.

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