FXStreet reports that in opinion of FX Strategists at UOB Group, the prospects of USD/CNH to slip back to the 6.5200 level appear to be losing traction.
Next 1-3 weeks: “We have held a negative view in USD for about 2 weeks now. In our latest narrative from Wednesday, we indicated that USD ‘is likely to weaken to further to 6.5200’. USD subsequently dropped to 6.5319 before staging a relatively robust recovery. Downward momentum has waned and unless USD can move and stay below 6.5500 within these 1 to 2 days, the prospect for a move to 6.5200 would diminish quickly. Conversely, a break of 6.6000 (no change in ‘strong resistance’ level) would indicate that the weak phase in USD has run its course.”
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