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- USD/CNH: Potential rebound to 6.4500? – UOB
USD/CNH: Potential rebound to 6.4500? – UOB
FXStreet reports that FX Strategists at UOB Group discuss USD/CNH prospects.
Next 1-3 weeks: “We have expected USD to weaken since early last week. In our latest narrative from yesterday, we highlighted that ‘a break of 6.4000 would shift the focus towards the next support at 6.3800’. USD subsequently dropped to 6.4010 before staging a sudden and sharp rebound. While our ‘strong resistance’ level at 6.4400 is still intact, the rapid loss in momentum suggests that 6.4000 could remain intact for now. The current rebound could extend higher but any advance is likely limited to a test of 6.4500. On the downside, 6.4000 is acting as a very strong support now (minor support is at 6.4080).”
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