FX Strategists at UOB Group noted the outlook on USD/CNH still remains biased towards the downside. Key Quotes 24-hour view: “Last Friday, we held the view that USD could ‘dip towards the 6.7380 support before a more sustained rebound can be expected’. Our view was incorrect as USD rebounded to a high of 6.7788 (low has been 6.7453) before closing at 6.7775 (+0.34%). While USD opened on a weak note this morning, momentum indicators are mostly neutral and USD is unlikely to weaken much from here. All in, USD is more likely to trade sideways, expected to be 6.7480/6.7750 range.” 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 AUD/USD slides back below 0.7300 mark, fresh session lows FX Street 2 years FX Strategists at UOB Group noted the outlook on USD/CNH still remains biased towards the downside. Key Quotes 24-hour view: “Last Friday, we held the view that USD could ‘dip towards the 6.7380 support before a more sustained rebound can be expected’. Our view was incorrect as USD rebounded to a high of 6.7788 (low has been 6.7453) before closing at 6.7775 (+0.34%). While USD opened on a weak note this morning, momentum indicators are mostly neutral and USD is unlikely to weaken much from here. All in, USD is more likely to trade sideways, expected to be 6.7480/6.7750 range.”… 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.