USD/CNH: USD IS LIKELY TO CONTINUE TO WEAKEN – UOB GROUP
Sharp decline has resulted in increase in momentum; USD is likely to continue to weaken, potentially to 7.0100, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
USD/CNH to continue falling towards 7.0100
24-HOUR VIEW: “USD fell sharply two days ago. Yesterday, we indicated that ‘while further USD weakness appears likely today, oversold conditions suggest any further decline could be relatively limited.’ We added, ‘the levels to watch are 7.0380 and 7.0270.’ However, USD did not decline much further, rebounding to 7.0650. The current price action is likely part of a consolidation phase. Today, we expect USD to trade in a 7.0450/7.0680 range.”
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