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- USD/CNH could re-test 6.5360 near-term – UOB
USD/CNH could re-test 6.5360 near-term – UOB
FXStreet reports that FX Strategists at UOB Group discuss the prospects of USD/CNH.
Next 1-3 weeks: “About 2 weeks ago, we indicated that ‘a clear break of 6.4900 could lead to a move to 6.5200’. While USD subsequently rose to 6.5075, it was unable to make any further headway on the upside. In our latest narrative from Tuesday (26 Jan, spot at 6.4870), we highlighted that ‘momentum has deteriorated further but only a break of 6.4450 would indicate that USD is not ready to move higher to 6.5200’. In that context, we did not anticipate the strong overnight surge in USD. From here, 6.5200 appears to be within reach and a break of this level would suggest further USD strength towards 6.5360. On the downside, the ‘strong support’ level has moved higher to 6.4650 from 6.4450.”
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