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- USD/CNH seen grinding lower towards 6.6710 - UOB
USD/CNH seen grinding lower towards 6.6710 - UOB
FXStreet reports that FX Strategists at UOB Group forecast USD/CNH to test the 6.6710 level in the next weeks.
24- hour view: “The sudden and sharp sell-off in USD that sent it plummeting to a low of 6.6872 came as a surprise. While oversold, the decline has scope to extend lower but for today, any weakness is likely limited to a test of the month-to-date low of 6.6788 (minor support is at 6.6850)."
Next 1-3 weeks: “While downward momentum is beginning to improve, the recent weakness in USD has yet to fully unwind from oversold conditions. That said, short-term downward has improved and USD is likely to trade with a downward bias towards the major support to 6.6710. Overall, USD is deemed to be under pressure unless it can move above 6.7300 (‘strong resistance’ level).”
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