FXStreet reports that UOB Group’s FX Strategists discuss USD/CNH prospects.
Next 1-3 weeks: “We highlighted yesterday that ‘the 3-week positive phase has come to an end’ and we expected USD to ‘trade between 6.4730 and 6.5360’. We did not quite anticipate the rapid manner by which USD is approaching the bottom of the range (overnight low of 6.4769). In view of the improvement in shorter-term downward momentum, USD could move below 6.4730. That said, only a clear break of 6.4580 would increase the risk of a sustained decline in USD.”
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