USD/CNH: Downside pressure gathers traction – UOB

Pablo Piovano FXStreet

According to FX Strategists at UOB Group, USD/CNH could be headed for 6.4300 in case 6.4500 is cleared in the next weeks.

Key Quotes

24-hour view: “We expected USD to ‘consolidate and trade within a 6.4500/6.4750 range’ yesterday. While our view for consolidation was not wrong, USD traded within a narrower range than expected (6.4569/6.4716). The quiet price actions offer no fresh clues and USD could continue to consolidate. Expected range for today, 6.4530/6.4730.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (15 Jul, spot at 6.4600). As highlighted, downward momentum is beginning to build and a daily closing below 6.4500 would indicate that USD could head lower towards 6.4300. On the upside, a break of 6.4850 (‘strong resistance’ level) would indicate that the downside risk has dissipated.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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