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- USD/CNH faces further downside pressure – UOB
USD/CNH faces further downside pressure – UOB
FXStreet reports that in opinion of FX Strategists at UOB Group, USD/CNH risks a deeper pullback in the next weeks.
Next 1-3 weeks: “We highlighted yesterday that ‘further USD weakness is likely even though the major support at 6.6030 may not be easy to crack’. However, USD managed to breach 6.6030, albeit not by much (low of 6.6020). While USD is still on the defensive, the weakness appears to be running ahead of itself and the next support at 6.5800 may not come into the picture so soon. On the upside, a break of 6.6900 would indicate that the current downward pressure has eased.”
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