Chinese Yuan: Bullish bias with focus on 6.7000 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann maintain a negative stance on USD/CNH, noting a softened underlying tone even as recent price action stayed relatively quiet. Intraday, they see scope for a modest drift lower while keeping 6.7150 as key support.
UOB's analysts Quek Ser Leang and Lee Sue Ann maintain a negative stance on USD/CNH, observing a softened underlying tone despite relatively quiet price action. They view a modest downward drift as possible in the short term, with 6.7150 acting as key support. If 6.7200 breaks in the coming 1-3 weeks, the path to 6.7000 may open, provided resistance at 6.7340 remains intact.
While the USD bias towards the downside is noted, any decline is likely part of a range of 6.7150/6.7240. Although USD traded between 6.7181 and 6.7255 before closing up by 0.01% at 6.7220, today, a slight edge lower could occur, yet the 6.7150 support is unlikely to be threatened. Resistance lies at 6.7240, followed by 6.7280. The analysts have held a negative USD view since early this month, with downward momentum increasing.
If USD breaks and holds below 6.7200, the next target is 6.7000. However, USD did not break below this level on Friday. For the next three weeks, the analysts will maintain their negative view unless the 6.7340 resistance is breached.
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