FXStreet reports that FX Strategists at UOB Group suggest that USD/CNH still risks further downside in the short-term horizon.

24-hour view: “USD traded within a 6.4382/6.4543 range yesterday, narrower than our expected range of 6.4330/6.4550. The quiet price actions offer no fresh clues and USD could continue to trade sideways. Expected range for today, 6.4400/6.4580.”

Next 1-3 weeks: “As highlighted, USD is still under pressure but the next major support at 6.4200 may not come into the picture so soon. On the upside, a break of 6.4660 (no change in ‘strong resistance’ level) would indicate that the current downward pressure has eased.”