FXStreet reports that FX Strategists at UOB Group believe that the upside momentum in USD/CNH is expected to meet the next resistance at the 6.4650 level in the short-term horizon.

24-hour view: “USD traded between 6.4317 and 6.4510 last Friday before closing slightly lower at 6.4405 (-0.15%). Momentum indicators are mostly neutral and USD is expected to consolidate and trade between 6.4300 and 6.4500 for today.”

Next 1-3 weeks: “Despite the relatively sharp bounce, upward momentum has not improved by much. From here, USD could edge higher but any advance is likely limited to a test of 6.4650. There is another strong resistance at 6.4800. On the downside, a breach of 6.4200 (‘strong support’ level) would indicate that the current mild upward pressure has eased.”