FXStreet reports that FX Strategists at UOB Group said that prospects of further decline in USD/CNH could be losing traction.

Next 1-3 weeks: “In our latest narrative from Monday, we indicated that ‘the outlook for USD is still weak and the next support is at 6.5300’. USD subsequently dropped to 6.5476 before snapping back up. Downward momentum has eased considerably and the odds for further USD weakness have diminished. However, only a break of 6.6600 (no change in ‘strong resistance’ level) would indicate that the current downward pressure has eased.”