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16 Sep 2015
USD/CNY: 6.3500 support in eyeshot - UOB
FXStreet (Guatemala) - Analysts at UOB Group noted the conditions surrounding USD/CNY and explained their outlook over next three weeks.
Key Quotes:
"Another leg lower towards the major 6.3500 support cannot be ruled out just yet. While the sharp drop that started late last week rebounded from the strong support at 6.3785/95 (bottom of falling-channel), the down-move appears incomplete.
The current movement is likely part of a short-term correction/consolidation phase that may last for several days. As long as 6.4760 is not taken out, another leg lower towards the major support at 6.3500 cannot be ruled out just yet. That said, a sustained break below this level appears unlikely at this juncture."
Key Quotes:
"Another leg lower towards the major 6.3500 support cannot be ruled out just yet. While the sharp drop that started late last week rebounded from the strong support at 6.3785/95 (bottom of falling-channel), the down-move appears incomplete.
The current movement is likely part of a short-term correction/consolidation phase that may last for several days. As long as 6.4760 is not taken out, another leg lower towards the major support at 6.3500 cannot be ruled out just yet. That said, a sustained break below this level appears unlikely at this juncture."