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The upside momentum in USD/CNH could still reach the 6.5200 region in the next weeks.

Key Quotes

24-hour view: “We expected USD to weaken further yesterday but we were of the view that ‘any decline is expected to face solid support at 6.4450’. However, USD traded in a relatively quiet manner between 6.4561 and 6.4705. Upward momentum is beginning to build-up and USD is likely to edge higher from here. That said, any advance is expected to face solid resistance at 6.4880. Support is 6.4600 followed by 6.4550.”

Next 1-3 weeks: “There is not much to add to our update from Wednesday (20 Jan, spot at 6.4800). As highlighted, while upward momentum has been dented, there is still chance for USD to move to 6.5200. Only a break of 6.4450 (no change in ‘strong support’ level) would indicate that USD is not ready to move to 6.5200.”