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- USD/CNH: Short-term top in place? – UOB
USD/CNH: Short-term top in place? – UOB
FXStreet reports that in opinion of FX Strategists at UOB Group, USD/CNH could have charted an interim top following the recent price action.
Next 1-3 weeks: “After USD rose to 6.4946, we noted yesterday that “upward momentum has improved, albeit not by much”. We highlighted that “further USD strength appears likely but 6.5000 is another major level and is expected to offer solid resistance”. USD subsequently eased off and closed slightly lower at 6.4699 (-0.13%). Upward momentum is beginning to slow and this coupled with overbought conditions has increased the risk of a short-term top. However, only a break of 6.4500 (no change in ‘strong support” level) would indicate that the USD strength that started more than a week ago has run its course.”
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