USD/CNH is still expected to remain on the defensive although a move to 6.7165 looks unlikely for the time being. Key Quotes 24-hour view: “While we held the view that USD could dip below the major support at 6.7660 yesterday, we were of the view that ‘the next support at 6.7500 is unlikely to come into the picture’. However, USD easily cracked 6.7500 as it nose-dived to an overnight low of 6.7429. The decline over the past few days is severely oversold now and further USD weakness is not expected for today. USD is more likely to consolidate and trade between 6.7450 and 6.7750.” Next 1-3 weeks: “Two days ago (15 Sep, spot at 6.7980) we highlighted that the negative phase that started in mid-August ‘has received a new lease of life’. We added, the next level to focus on is at 6.7660 followed by 6.7500. USD subsequently dropped at a furious pace and it cracked 6.7500 yesterday (low of 6.7429). Over the past 3 days, USD has lost a whopping -1.28%, its biggest 3- day loss in 20 months. It is not surprising that the rapid decline is oversold now. That said, downward momentum remains robust and the outlook for USD still remains weak. However, the pace of any further decline is likely to be slower and the next major support at 6.7165 may be out of reach this time round (there is a minor support 6.7300). Overall, only a break of 6.8100 (‘strong resistance’ level previously at 6.8230) would indicate that the current month-long negative phase has run its course.” 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 USD/CAD: Likely To Strengthen Into Q4; Sell On Rallies Towards 1.35 – SEB Kenny Fisher 2 years USD/CNH is still expected to remain on the defensive although a move to 6.7165 looks unlikely for the time being. Key Quotes 24-hour view: “While we held the view that USD could dip below the major support at 6.7660 yesterday, we were of the view that ‘the next support at 6.7500 is unlikely to come into the picture’. However, USD easily cracked 6.7500 as it nose-dived to an overnight low of 6.7429. The decline over the past few days is severely oversold now and further USD weakness is not expected for today. USD is more likely to consolidate and trade… 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.