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- USD/CNH: Extra losses look unlikely in the near-term – UOB
USD/CNH: Extra losses look unlikely in the near-term – UOB
FXStreet reports that FX Strategists at UOB Group see further downside in USD/CNH as unlikely in the near-term.
Next 1-3 weeks: “Our latest narrative was from Monday (07 Sep, spot at 6.8360) wherein ‘downward momentum has eased somewhat but there is still chance for USD to push lower towards 6.8000’. Momentum has eased further as USD staged a relatively strong advance of +0.32% yesterday (NY close of 6.8536). From here, unless USD moves and stays below 6.8350 within these 1 to 2 days, a breach of the ‘strong resistance’ at 6.8800 (no change in level) would not be surprising and would indicate that the negative phase in USD that started in midAugust has run its course. To put it another way, the odds for further USD weakness have diminished considerably.”
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