Chinese Yuan: Strengthening toward 6.7300 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang sees USD/CNH trading slightly higher within a developing range, with intraday levels expected between 6.7500 and 6.7620. On a 1–3 week horizon, the pair could continue to edge lower toward 6.7300 as long as 6.7640 holds as strong resistance.
UOB's Quek Ser Leang predicts the Chinese Yuan will strengthen to approximately 6.7300 against the US Dollar. Analysts anticipate the USD/CNH pair to trade within a range of 6.7500 to 6.7620 over the next week. If the 6.7640 level holds, the Yuan could potentially continue its downward trend to reach 6.7300. For a medium-term recovery, the pair would need to break above the 21-week Exponential Moving Average (EMA) at around 6.8430.
In the short term, after the Yuan traded within the 6.7467/6.7592 range, there has been a slight uptick in upward momentum, but a sustained rise appears unlikely. Instead, the USD is more expected to fluctuate between 6.7500 and 6.7620 today.
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