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- USD/CNH: Upward momentum appears dented – UOB
USD/CNH: Upward momentum appears dented – UOB
FXStreet reports that UOB Group’s FX Strategists believe the upside momentum in USD/CNH could be losing traction.
Next 1-3 weeks: “We highlighted on Monday that ‘upward momentum is beginning to improve and a clear break of 6.4900 could lead to a move to 6.5200’. While USD subsequently broke 6.4900, it retreated quickly after touching 6.5075. Upward momentum has been dented somewhat but there is still chance for USD to move 6.5200. Only a break of 6.4450 (no change in ‘strong support’ level) would indicate that USD is not ready to move to 6.5200 just yet.”
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