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- USD/CNH: Short-term bottom in place? – UOB
USD/CNH: Short-term bottom in place? – UOB
FXStreet reports that FX Strategists at UOB Group believe USD/CNH’s rebound could extend to the 6.7450 level in the next weeks.
Next 1-3 weeks: “We have held a negative view in USD since early last week. As USD rebounded after touching a low of 6.6275, we highlighted last Friday (23 Oct) that ‘slowing downward momentum and oversold conditions suggests that 6.6030 could be out of reach this time round’. We added, ‘a break of 6.6980 would indicate the risk for further USD weakness has eased’. USD blew past 6.6980 yesterday (26 Oct) and hit a high of 6.7172. The price action suggests that 6.6275 is a short-term bottom and this level may not come back into the picture within these couple of weeks. The current movement is viewed as part of a ‘corrective recovery’ that has scope to extend to 6.7450. Overall, USD is expected to trade with an upward bias for now as long as it does not move below the ‘strong support’ level at 6.6530. On a shorter-term note, 6.6660 is already quite a solid level.”
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