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- Further weakness seen around USD/CNH – UOB
Further weakness seen around USD/CNH – UOB
FXStreet reports that FX Strategists at UOB Group remain bearish on the USD/CNH in the short-term horizon.
Next 1-3 weeks: “While our expectation for USD to weaken was correct, we did not quite anticipate the pace of the decline as it dropped sharply to a low of 6.4127. As highlighted yesterday, the next support is at 6.4300 followed by 6.4000. In view of the vastly improved momentum, a break of 6.4000 would not be surprising and would open up the way for a move lower to 6.3800. All in, USD is expected to remain weak as long as it does not move above 6.4950 (‘strong resistance’ level was at 6.5100 yesterday).”
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