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- USD/CNH: Strong support is located at 6.4700 – UOB
USD/CNH: Strong support is located at 6.4700 – UOB
FXStreet reports that UOB Group’s FX Strategists note further weakness in USD/CNH is expected to meet solid contention around 6.4700.
Next 1-3 weeks: “21 April, we indicated that the ‘downside risk in USD remains intact and the next support below 6.4850 is at 6.4700’. USD broke 6.4850 and dropped to 6.4802. Despite the breach of 6.4850, downward momentum has not improved by much. That said, the risk is still for a lower USD but any weakness is expected to encounter solid support at 6.4700. O the upside, a breach of 6.5200 (no change in ‘strong resistance’ level) would indicate that the weakness in USD that started more than a week ago has come to an end.”
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