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- USD/CNH: A deeper move to 6.6030 is not favoured so far – UOB
USD/CNH: A deeper move to 6.6030 is not favoured so far – UOB
FXStreet reports that FX Strategists at UOB Group do not expect USD/CNH to grind lower and test the 6.6030 region in the next weeks.
Next 1-3 weeks: “We have held a negative view in USD since last Friday, 16 Oct. In our latest narrative from Wednesday, we indicated that USD ‘is still weak but the next major support at 6.6030 may not come into the picture so soon’. USD subsequently dropped to a low of 6.6275 before rebounding. Downward momentum is beginning to slow and this coupled with rather oversold conditions suggests 6.6030 could be out of reach this time round. That said, only a break of 6.6980 (no change in ‘strong resistance’ level) would indicate the risk for further USD weakness has eased.”
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