FXStreet reports that UOB Group’s FX Strategists suggest that USD/CNH faces sustainable losses on a breach of 6.4240 in the next weeks.

24-hour view: “USD traded between 6.4415 and 6.4584 yesterday, narrower than our expected range of 6.4300/6.4600. The underlying tone has firmed somewhat and USD could edge higher to 6.4630. The next resistance at 6.4700 is unlikely to come into the picture. Support is at 6.4460 followed by 6.4400.”

Next 1-3 weeks: “... USD subsequently rebounded but as long as 6.4800 is intact, the risk of USD closing below 6.4240 is intact. A break of 6.4800 would indicate that USD could trade sideways within a broad range for a period of time.”