FX Strategists at UOB Group believe USD/CNH could embark into a deeper retracement if 6.9300 is cleared in the near-term. Key Quotes 24-hour view: “Our expectation for the recovery in USD to ‘extend higher’ was wrong as it dropped to an overnight low of 6.9315 before ending the day on a soft note at 6.9325 (-0.14%). Downward momentum has improved but not by much and from here, USD could weaken towards 6.9210. At this stage, the odds for a move to the next support at 6.9050 are not high. Resistance is at 6.9400 followed by 6.9500.” Next 1-3 weeks: “On Tuesday (11 Aug, spot at 6.9620), we highlighted that ‘while USD could still weaken further out, for the next 1 to 2 weeks, USD is likely to consolidate and trade sideways within a 6.9300/6.9800 range’. USD is currently holding just above 6.9300 and if there is a NY closing below this relatively strong support level, it would indicate the start of a period of sustained weakness in USD that could lead to a move to 6.9050, possibly even to 6.8850. At this stage, the odds for such a scenario are quite high and only a move back above 6.9700 within these few days would indicate that USD is still trading in a consolidation phase.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD: Depth of UK recession highlights challenges ahead for the pound – MUFG FX Street 2 years FX Strategists at UOB Group believe USD/CNH could embark into a deeper retracement if 6.9300 is cleared in the near-term. Key Quotes 24-hour view: “Our expectation for the recovery in USD to ‘extend higher’ was wrong as it dropped to an overnight low of 6.9315 before ending the day on a soft note at 6.9325 (-0.14%). Downward momentum has improved but not by much and from here, USD could weaken towards 6.9210. At this stage, the odds for a move to the next support at 6.9050 are not high. Resistance is at 6.9400 followed by 6.9500.” Next 1-3 weeks: “On… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.