USD/CNH still remains under pressure – UOB

According to FX Strategists at UOB Group, USD/CNH still risks further downside in the short-term horizon.

Key Quotes

24-hour view: “USD traded within a 6.4382/6.4543 range yesterday, narrower than our expected range of 6.4330/6.4550. The quiet price actions offer no fresh clues and USD could continue to trade sideways. Expected range for today, 6.4400/6.4580.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (06 Sep, spot at 6.4440). As highlighted, USD is still under pressure but the next major support at 6.4200 may not come into the picture so soon. On the upside, a break of 6.4660 (no change in ‘strong resistance’ level) would indicate that the current downward pressure has eased.”