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USD/CNH: Downside momentum loses traction - UOB

FXStreet reports that UOB Group’s FX Strategists note the likeliness of further weakness in USD/CNH seems to be dwindling in the near term.

24-hour view: “USD subsequently traded within a 6.4688/1.4832 range before closing little changed at 6.4700 (-0.07%). The price actions offer no fresh clues and we continue to expect USD to trade sideways, likely between 6.4620 and 6.4820.”

Next 1-3 weeks: “In our latest narrative from last Thursday (29 Apr, spot at 6.4650), we highlighted that ‘boost in downward momentum could lead to further USD weakness towards 6.4410’. However, USD has not been able to make much headway to the downside and downward momentum is beginning to wane. From here, a break of 6.4900 (no change in ‘strong resistance’ level) would indicate that the negative phase has ended.”

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