USD/CNH faces bearish pressure after falling to 6.6919, with UOB analysts projecting a potential move toward 6.6800 if the pair sustains a break below the 6.6900 support threshold.
UOB analysts Quek Ser Leang and Lee Sue Ann report that USD/CNH experienced an unexpected decline to 6.6919, signaling a shift in momentum toward the downside. The pair's inability to maintain higher levels suggests a technical breakdown, with analysts projecting further weakness if specific support thresholds are breached.
The immediate support level is 6.6900, with a further target of 6.6800 if the pair closes below the initial support.
The immediate intraday resistance is 6.6985, while the broader resistance level is set at 6.7050.
United Overseas Bank analysts report that USD/CNH has unexpectedly weakened, signaling a shift in momentum toward the downside. The pair faces immediate pressure to break below the 6.6900 support level, which could pave the way for a further decline toward 6.6800 in the coming weeks.
UOB analysts maintain a bearish outlook, noting that if the pair remains below 6.6985, it could test 6.6900 and potentially reach 6.6800 over the next 1-3 weeks.