USD / CNH Analysis

USD / CNH Analysis

FX Strategists at the UOB Group think that USD / CNH is ready to continue its downtrend in the short term. 24-hour outlook: “Yesterday, we emphasized that the USD could fall but the expectation for a decrease of 6.9815 level last week was not high. The USD later dropped to 6.9820 before closing softly at 6.9820 (-0.43%). The downward momentum has recovered a bit, and from this level may fall to USD 6.9740. It is unlikely that the next support at 6.9650 will be involved. The resistance is at 6.9930, but close to the stronger 6.9980 level. " Next 1-3 weeks: “There is not much to add to our update by Monday, July 13. As highlighted, the USD could drop to 6,9500 and be unlikely to extend it to 6,9500. Only a break of 7.0180 (previously the 'strong resistance' level at 7.0390) will show that the current downward pressure is reduced. ”- UOB