UOB analysts forecast a continued downward drift for the US Dollar against the offshore Chinese Yuan, citing a range-bound short-term environment and a critical resistance level at 6.7815.
UOB strategists expect USD/CNH to remain range-bound and edge lower while below 6.7815, indicating a mildly positive outlook for the Chinese Yuan against the US Dollar.
UOB strategists Quek Ser Leang and Lee Sue Ann maintain a bearish outlook for the USD/CNH, projecting the pair will edge lower while trading below the 6.7815 threshold. In the immediate term, the pair is expected to remain range-bound between 6.6900 and 6.7000, with a potential breakdown toward 6.6800 if support at 6.6900 fails.
UOB strategists view the pair as range-bound between 6.6900 and 6.7000, with fading downside momentum in the immediate term.
A break and daily close below the 6.6900 support level is required to trigger a potential move toward 6.6800.