UOB analysts forecast a mild decline for USD/CNH in the short term, noting that the pair must breach 6.6530 or climb above 6.6855 to establish a clear directional trend.
UOB strategists see slightly stronger downward momentum in USD/CNH after it eased from a high of 6.6855 to 6.6635, and expect the Dollar to edge lower over the next 24 hours while holding above 6.6530. This favors mild downside for the pair, but the bank itself frames it as range-bound trading with no broad move confirmed unless a close above 6.6855 or below 6.6530 occurs.
UOB expects the Dollar to edge lower against the offshore Yuan but to stay above strong support at 6.6530, with resistance at 6.6720.
A close above 6.6855 would confirm a broader Dollar recovery toward 6.6940, while a break below 6.6530 would signal the Dollar is not recovering further.
UOB strategists report a slight increase in downward momentum for the USD/CNH pair following a pullback from recent highs. The bank expects the Dollar to edge lower over the next 24 hours but anticipates that strong support at 6.6530 will remain intact, keeping the pair within a defined trading range.
UOB expects the Dollar to edge lower against the offshore Yuan over the next 24 hours, while remaining supported above the 6.6530 level.
A close above 6.6855 is needed to signal a broader recovery toward 6.6940, while a break below 6.6530 would invalidate the current recovery thesis.