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- USD/CNH: Outlook is tilted to the downside – UOB
USD/CNH: Outlook is tilted to the downside – UOB
FXStreet reports that USD/CNH could move lower and test the 6.7000 level in the next weeks, noted FX Strategists at UOB Group.
24-hour view: “We expected USD to ‘edge lower’ yesterday. However, USD traded in a relatively quiet manner between 6.7255 and 6.7478. USD opened on a soft note this morning and the bias still appears to be tilted to the downside. That said, a sustained decline below Monday’s (05 Oct) low of 6.7135 appears unlikely (next support is at 6.7000). Overall, USD is deemed to be under mild downward pressure unless it can move above 6.7500 (minor resistance is at 6.7380).”
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