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7 Sep 2020

USD/CNH still faces downside risks – UOB

FX Strategists at UOB Group still believe USD/CNH could edge lower to the 6.80 region in the next weeks.

Key Quotes

24-hour view: “Our expectation for USD to ‘test the 6.8530 resistance’ last Friday did not materialize as it eased off from a high of 6.8499 before trading mostly sideways. The underlying tone has softened but any weakness from here is viewed as a lower trading range of 6.8250/6.8450 (a sustained decline below 6.8250 is not expected).”

Next 1-3 weeks: “Our latest narrative was from last Wednesday (02 Sep, spot at 6.8355) wherein ‘oversold short-term conditions could lead to consolidation first but overall risk is for further USD weakness towards 6.8000’. Our view was not wrong as USD traded in a relatively quiet manner for the past few days. While downward momentum has eased somewhat, the negative phase in USD that started in mid-August still has chance to push lower towards the round-number support level of 6.8000. Only a move above 6.8800 (no change in ‘strong resistance’ level) would indicate the negative phase in USD has run its course.”

Sep 7, 2020

USD/JPY: Risk skewed to the downside with suppport seen at 105.90

The USD/JPY pair hovers around 106.20, with an increased downward bias despite a resilient dollar. On the data front, the Japanese Leading Economic In
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Sep 7, 2020

NZD/USD struggles to hold above 0.6700 in quiet day

The NZD/USD pair closed the previous week virtually unchanged at 0.6720 and started the new week on a weak note. As of writing, the pair was down 0.28
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