UOB strategists signal further weakness for the U.S. Dollar against the offshore Chinese Yuan, as bearish momentum persists with a near-term target of 6.6640.
UOB strategists Quek Ser Leang and Lee Sue Ann have identified a sustained pullback in the USD/CNH pair, noting that the absence of recovery signals suggests the current bearish trend remains firmly in control. The technical outlook indicates that downside momentum is intact, supporting a projected move toward the 6.6640 level for the Chinese Yuan.
The outlook is bearish, with strategists noting that downside momentum is intact and no signs of recovery are present.
UOB strategists have identified a target of 6.6640 for the Chinese Yuan.
UOB strategists report that the USD/CNH pair continues its downward trajectory, showing no immediate signs of a recovery. The pair is currently maintaining bearish momentum, with analysts projecting a gradual appreciation of the Chinese Yuan toward the 6.6640 support level.
UOB strategists maintain a bearish outlook, noting that the pair has extended its pullback and lacks signs of a near-term recovery.