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- USD/CNH focused on 6.4130 near-term – UOB
USD/CNH focused on 6.4130 near-term – UOB
FXStreet reports that FX Strategists at UOB Group see USD/CNH facing a deeper decline if 6.4130 is cleared in the next weeks.
24-hour view: “We highlighted yesterday that ‘strong downward momentum suggests USD is likely to weaken further to 6.4280’. The subsequent weakness in USD exceeded our expectation as it plunged to 6.4180 before closing on a weak note at 6.4189 (-0.39%). Further USD weakness is not ruled out severely oversold conditions suggest that any decline is likely limited to a test of last month’s low near 6.4130. The next support at 6.4000 is not expected to come into the picture. On the upside, a break of 6.4450 (minor resistance at 6.4350) would indicate the current downward pressure has eased.”
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