Chinese Yuan: Bullish bias fades against dollar – UOB
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann reports that USD/CNH has bounced sharply to 6.7153, with intraday gains likely capped near 6.7200.
UOB strategists Quek Ser Leang and Lee Sue Ann report that the Chinese Yuan (CNH) has weakened against the US Dollar (USD), moving from 6.7030 to 6.7153, with intraday gains likely capping near 6.7200. The earlier negative sentiment has softened, and the bank now anticipates the pair to edge higher within a 6.7040–6.7290 range over the next one to three weeks. The sharp rise has room to extend, but any advance will likely face strong resistance at 6.7200, with support at 6.7085.
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