Chinese Yuan: Targeting 6.7200 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann keep a downside bias on USD/CNH after the pair dipped to 6.7180 and closed near 6.7210.
UOB's analysts Quek Ser Leang and Lee Sue Ann maintain a bearish outlook on USD/CNH after the pair fell to 6.7180 and closed near 6.7210. They anticipate further weakness to stay within a range of 6.7150–6.7240, but warn that a sustained decline under 6.7200 could push the exchange rate down to 6.7000. In the past 24 hours, USD/CNH dipped to 6.7180 before slightly recovering to close at 6.7213, with the bias still leaning towards the downside.
Over the next one to three weeks, the analysts plan to maintain their negative stance on USD as long as it doesn't breach the strong resistance level of 6.7340.
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