USD/CNH: Further losses seen below 6.4500 – UOB

Pablo Piovano FXStreet

UOB Group’s FX Strategists noted that USD/CNH could re-visit 6.4300 on a close below 6.4500 in the near term.

Key Quotes

24-hour view: “The sharp and rapid in USD to 6.4508 came as a surprise. The rapid drop appears to be overdone and USD is unlikely to weaken further. For today, USD is more likely to consolidate and trade within a 6.4500/6.4750 range.”

Next 1-3 weeks: “We have held the same view since Monday (12 Jul, spot at 6.4810) where USD is likely to trade within a 6.4600/6.5000 range for a period of time. After trading in a quiet manner for a couple of days, USD lurched lower yesterday (14 Jul) and plummeted to 6.4508. 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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