Chinese Yuan: Consolidation with downside risk toward 6.7330 – UOB
UOB’s Quek Ser Leang and Lee Sue Ann describe USD/CNH as consolidating after a move to 6.7200, with momentum slowing in the very near term.
UOB analysts Quek Ser Leang and Lee Sue Ann outline a consolidation pattern for the USD/CNH pair after reaching 6.7200. They anticipate the pair to trade between 6.7120 and 6.7220 over the next days and weeks, with momentum slowing. Should momentum continue to build, gains toward 6.7250 are possible, with major resistance expected at 6.7330.
In the longer term, a gradual downside is expected as long as the pair remains below 6.7815. The 24-hour view shows the USD rising to 6.7200 before closing at 6.7168, with upward momentum showing signs of slowing. For the 1-3 week outlook, analysts have turned neutral on USD, expecting it to stay within 6.6900 and 6.7080. The rapid momentum suggests the USD could reach 6.7250 and eventually 6.7330.
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