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- USD/CNH faces solid resistance at 6.5000 – UOB
USD/CNH faces solid resistance at 6.5000 – UOB
FXStreet reports that in opinion of FX Strategists at UOB Group, the upside momentum in USD/CNH is expected to meet a tough hurdle at the 6.5000 level.
Next 1-3 weeks: “We have expected a stronger USD since early last week. Yesterday, we highlighted that USD ‘could move above 6.4930 but may not be able to maintain a foothold above this major level’. USD subsequently rose to 6.4946 before pulling back. Upward momentum has improved, albeit not by all that much. Further USD strength appears likely but 6.5000 is another major level and is expected to offer solid resistance. On the downside, a breach of 6.4550 (‘strong support’ level was 6.4500 yesterday) would indicate that the current USD strength has run its course.”
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