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- USD/CNH: Downside momentum improves further - UOB
USD/CNH: Downside momentum improves further - UOB
FXStreet reports that FX Strategists at UOB Group suggest that USD/CNH could slip back to the 6.4400 level and below in the next weeks.
24-hour view: “Our expectation for USD to ‘trade within a 6.4600/6.4950 range’ was wrong it plummeted to 6.4397 before closing on a weak note at 6.4564 (-0.30%). The rapid drop is oversold and while there is room for USD to test 6.4350, a sustained decline below this level is unlikely. Resistance is at 6.4650 followed 6.4770.”
Next 1-3 weeks: “USD subsequently dropped to a low of 6.4397. Downward momentum is beginning to improve but USD has to close below 6.4400 before a move towards 6.4130 can be expected. At this stage, the prospect for such a move is not high but it would remain intact as long as it does not move above 6.4900.”
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