FXStreet reports that FX Strategists at UOB Group noted further downside remains in place for USD/CNH with the next target at the 6.5200 level.

Next 1-3 weeks: “We highlighted yesterday that ‘the rapid improvement in shorter-term momentum suggests that a break of 6.5475 would not be surprising’. We added, ‘the next support is at 6.5200 followed by a major level at 6.4960’. USD subsequently edged below 6.5475 (low of 6.5458) before recovering. Oversold shorter-term conditions could lead to a 1 to 2 days of consolidation. However, as long as 6.6000 (‘strong resistance’ level was at 6.6250 yesterday) is intact, USD is expected to weaken further to 6.5200.”