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- USD/CNH: Upside momentum has improved - UOB
USD/CNH: Upside momentum has improved - UOB
FXStreet reports that FX Strategists at UOB Group suggest that USD/CNH could now extend the move to the 6.5150 level in the next weeks.
24-hour view: “The quiet price actions offer no fresh clues and USD could continue to trade sideways. Expected range for today, 6.4580/6.4800.”
Next 1-3 weeks: “There is not much to add to our update from last Friday (26 Feb, spot at 6.4800). As highlighted, ‘upward momentum has been boosted’ and ‘there is room for USD to move towards 6.5150’. For now, there is no change to the ‘strong support’ level at 6.4400. A break of the ‘strong support’ would indicate the positive phase in USD that started more than a week ago has run its course.”
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