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- USD/CNH faces the next support at 6.5200 – UOB
USD/CNH faces the next support at 6.5200 – UOB
FXStreet reports that according to FX Strategists at UOB Group, USD/CNH is likely to drop further and visit the 6.5200 level in the next weeks.
Next 1-3 weeks: “We have held a negative view in USD since earlier this month. After USD rebounded strongly from 6.5475, we indicated last Wednesday that ‘odds for further USD have diminished’. We added, ‘however, only a break of 6.6600 would indicate the current downward pressure has eased’. After trading in a quiet manner for several days, USD lurched lower and closed on a weak note yesterday (16 Nov). The rapid improvement in shorter-term momentum suggests that a break of 6.5475 would not be surprising. The next support is at 6.5200 followed by a major level at 6.4960. On the upside, the ‘strong resistance’ level has moved lower to 6.6250 from 6.6600.”
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