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- USD/CNH faces further consolidation near-term - UOB
USD/CNH faces further consolidation near-term - UOB
FXStreet reports that according to FX Strategists at UOB Group, USD/CNH is expected to keep the 6.5400-6.5800 range unchanged for the time being.
24-hour view: “While downward momentum has not improved by much, there is room for USD to test 6.5400 first before a recovery can be expected. On the upside, a break of 6.5620 would indicate that the current mild downward pressure has eased.”
Next 1-3 weeks: “We continue to hold the same view from yesterday (12 Apr, spot at 6.5630). As indicated, the current movement is viewed as part of a consolidation and USD is expected to trade between 6.5400 and 6.5800 for now. Shorter-term downward momentum has improved somewhat but USD has to close below 6.5400 before a more sustained decline can be expected.”
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