Chinese Yuan: Building upside momentum toward 6.6800 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/CNH unexpectedly fell to 6.6919 on Friday, with downside momentum starting to build. Intraday, they see potential for a brief dip below 6.6900, provided the pair stays under 6.6985. Over 1–3 weeks, a clear break and close beneath 6.6900 could open the way toward 6.6800, while resistance is now at 6.7050.
UOB analysts Quek Ser Leang and Lee Sue Ann have noted a decline in USD/CNH to 6.6919, indicating potential upside momentum toward the 6.6800 level. Over the next 1-3 weeks, a break and close below the 6.6900 mark could pave the way for a move toward the 6.6800 target. Currently, resistance is at 6.7050.
Last Friday, UOB had expected the USD to trade within a range of 6.7000 to 6.7080, but instead, the USD declined to a low of 6.6919. While downward momentum has increased, it remains to be seen if it will strengthen enough to maintain a foothold below the 6.6900 level. For downward momentum to persist, the USD must hold below the 6.6985 threshold.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
