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- USD/CNH faces the next support at 6.5300 – UOB
USD/CNH faces the next support at 6.5300 – UOB
FXStreet reports that according to FX Strategists at UOB Group, USD/CNH keeps the negative outlook and faces strong support in the 6.5300 level.
Next 1-3 weeks: “We highlighted last Friday that ‘USD is still on the defensive but 6.5800 may not come into the picture so soon’. The subsequent pace of weakness exceeded our expectation as USD plummeted to 6.5860 before extending is decline this morning. The outlook for USD still appears weak and the next support is at 6.5300. On the upside, a break of 6.6600 (‘strong resistance’ was at 6.6900 last Friday) would indicate that the current downward pressure has eased.”
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