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- USD/CNH still eyes a move to 6.5200 - UOB
USD/CNH still eyes a move to 6.5200 - UOB
FXStreet reports that FX strategists at UOB Group believe that the upside momentum in USD/CNH could still reach the 6.5200-region in the next weeks.
24-hour view: “We expected USD to weaken further yesterday but we were of the view that ‘any decline is expected to face solid support at 6.4450’. However, USD traded in a relatively quiet manner between 6.4561 and 6.4705. Upward momentum is beginning to build-up and USD is likely to edge higher from here. That said, any advance is expected to face solid resistance at 6.4880. Support is 6.4600 followed by 6.4550.”
Next 1-3 weeks: “...while upward momentum has been dented, there is still chance for USD to move to 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.”
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