Chinese Yuan: Uptrend eyes breakout 6.7000 against US Dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann keep a negative stance on USD/CNH around 6.7060, though recent price action has been confined to 6.7033–6.7074. They see current moves as range trading between 6.7030 and 6.7100 intraday.
The Chinese Yuan (CNH) is currently trading within a narrow range of 6.7033 to 6.7074 against the US Dollar, according to analysts at UOB. Both Quek Ser Leang and Lee Sue Ann maintain a bearish outlook on USD/CNH, around 6.7060, and view current price action as range trading between 6.7030 and 6.7100 intraday. If the Chinese Yuan manages to break below 6.7000 and hold, it could potentially slide further to 6.6900 in the short term.
The resistance level is noted at 6.7160. Currently, the bias for the US Dollar is seen as being on the downside, with any decline likely part of a lower range of 6.7020/6.7100. USD has been fluctuating within this range throughout the day and closed unchanged at 6.7067.
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