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- USD/CNH: Extra gains seen above 6.4880 - UOB
USD/CNH: Extra gains seen above 6.4880 - UOB
FXStreet reports that FX Strategists at UOB Group notes that USD/CNH needs to close above the 6.4880 level to allow for extra gains to, initially, 6.5000.
24-hour view: "... USD dropped to 6.4545 before rebounding strongly. The strong rebound amid oversold conditions indicates that USD is unlikely to weaken further. For today, USD is more likely to consolidate and trade between 6.4630 and 6.4820.”
Next 1-3 weeks: “As highlighted, further USD strength is not ruled but USD has close above 6.4880 before a sustained advance can be expected (next resistance is at 6.5000). On the downside, a break of 6.4500 (no change in ‘strong support’ level from yesterday) would indicate that USD is not ready to move to 6.5000 just yet.”
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