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- USD/CNH faces some consolidation ahead of potential gains – UOB
USD/CNH faces some consolidation ahead of potential gains – UOB
FXStreet reports that FX Strategists at UOB Group discusses USD/CNH prospects..
Next 1-3 weeks: “We have held a positive view in USD for more two weeks now. After USD retreated from 6.5080 and traded mostly sideways for several days, we highlighted in our latest narrative from last Friday (05 Mar, spot 6.4875) that ‘the overall outlook is still deemed as positive as long as USD does not move below 6.4400’. USD finally cracked 6.5080 as it surged to 6.5285 during NY hours. While overbought shorter-term conditions could lead to consolidation first, the current USD strength could extend to 6.5500 later on. The positive outlook is deemed intact as long as USD does not move below 6.4680 (‘strong support’ level previously at 6.4400).”
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