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FXStreet reports that FX Strategists at UOB Group said that USD/CNH is still expected to keep the trade between 6.4400 and 6.500 for the time being. 24-hour view: “Yesterday, we highlighted that we ‘see chance for USD to test 6.4900’ but we were of the view that ‘the major resistance at 6.5000 is unlikely to come into the picture’. Our view was not wrong as USD rose to 6.
During today's Asian trading, the dollar rose slightly against the euro and fell against the japanese yen. Traders are waiting for the results of the meeting of the US Federal Reserve System, which will be announced on Wednesday. The dollar has been strengthening since mid-June, after the Fed sharply raised its forecasts for the current year and pushed back the time frame for raising key rates.
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