UOB analysts project a bearish trajectory for USD/CNH, targeting 6.6950 as the pair faces limited upside potential and sustained downward pressure in the mid-term.
UOB strategists indicate that USD/CNH is exhibiting a slight increase in downward momentum, suggesting a strengthening of the Yuan against the Dollar. The pair is expected to remain range-bound between 6.6950 and 6.7270 in the near term, with a broader outlook for gradual downside as long as the price remains below the 6.7815 cloud level.
The pair is expected to trade between 6.6950 and 6.7270.
UOB anticipates gradual downside for the pair over the next 1-3 months, provided it stays below the cloud near 6.7815.
UOB strategists Quek Ser Leang and Lee Sue Ann maintain a bearish outlook for USD/CNH, citing a slight increase in downward momentum. The pair is expected to trade within a 6.6950 to 6.7270 range over the coming weeks, with a broader mid-term trend favoring the Chinese Yuan as long as the pair remains below the 6.7815 resistance level.
UOB strategists expect the pair to trade between 6.6950 and 6.7270 over the next 1 to 3 weeks.