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- USD/CNH: Further downside seems to have lost traction – UOB
USD/CNH: Further downside seems to have lost traction – UOB
FXStreet reports that extra decline in USD/CNH appears to have lost some momentum as of late, suggested FX Strategists at UOB Group.
Next 1-3 weeks: “Our latest narrative was from last Wednesday (02 Sep, spot at 6.8355) wherein ‘oversold short-term conditions could lead to consolidation first but overall risk is for further USD weakness towards 6.8000’. Our view was not wrong as USD traded in a relatively quiet manner for the past few days. While downward momentum has eased somewhat, the negative phase in USD that started in mid-August still has chance to push lower towards the round-number support level of 6.8000. Only a move above 6.8800 (no change in ‘strong resistance’ level) would indicate the negative phase in USD has run its course.”
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