FXStreet reports that UOB Group’s FX Strategists now see USD/CNH pointing to a test of 6.5970 in the next weeks.

Next 1-3 weeks: “We have held a positive view in USD for about 3 weeks now. In our latest narrative from yesterday (08 Mar, spot at 6.5060), we highlighted that ‘while overbought shorter-term conditions could lead to consolidation first, the current USD strength could extend to 6.5500 later on’. In other words, while our view for a higher USD is correct, we underestimated the pace of the advance as USD surged above 6.5500 during NY hours. From here, the focus has shifted to 6.5970. Overall, the positive outlook is deemed intact as long as USD does not move below 6.5000 (‘strong support’ level was at 6.4680 yesterday).”