A drop below 6.3750 is seen alleviating the upbeat momentum in USD/CNH, suggested UOB Group’s FX Strategists.
24-hour view: “We highlighted yesterday that USD ‘could break 6.4000’. However, USD traded in a quiet manner and within a narrow range of 6.3866/6.3964. The quiet price actions offer no fresh clues and USD could continue to trade sideways, likely between 6.3830 and 6.3970.”
Next 1-3 weeks: “We continue to hold the same view from yesterday (25 Nov, spot at 6.3940). As highlighted, mild upward pressure could lead to USD edging higher to 6.4070. On the downside, a breach of 6.3750 (no change in ‘strong support’ level) would indicate that the current mild upward pressure has dissipated.”
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