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- USD/CNH keeps the bearish note unchanged so far - UOB
USD/CNH keeps the bearish note unchanged so far - UOB
FXStreet reports that UOB Group’s FX Strategists reiterate the outlook for USD/CNH still remains tilted to the negative side in the near-term.
24-hour view: “Our expectation for USD to ‘test 6.5400’ did not quite materialize as it traded in a relatively quiet manner between 6.5414 and 6.5582. Downward momentum has improved somewhat and a dip below 6.5400 would not be surprising. For today, the next support at 6.5300 is unlikely to come into the picture. Minor support is at 6.5350. Resistance is at 6.5480 followed by 6.5550.”
Next 1-3 weeks: “USD is approaching 6.5400 and a daily closing below this level could lead to weakness towards 6.5300. Overall, USD is deemed under mild downward pressure as long as it does not move above 6.5630.”
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