FXStreet reports that FX Strategists at UOB Group suggest that the upward momentum could push USD/CNH to the 6.4900 level in the next weeks.
24-hour view: “Our expectation for USD to ‘strengthen further’ did not materialize as it traded between 6.4650 and 6.4829 before closing little changed at 6.4753 (-0.02%). The outlook for today is mixed and USD could trade sideways within a 6.4670/6.4870 range.”
Next 1-3 weeks: “While there is no change in our view for now, USD has not been able to make much headway on the upside as it traded within a 6.4650/6.4829 range before closing little change at 6.4753 (-0.02%). We continue to expect USD to trade higher for now and only a breach of 6.4640 would indicate that the current upward pressure has eased.”
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