Chinese Yuan: Gradual gains toward 6.6640 against US Dollar – UOB
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann note USD/CNH is drifting lower, with intraday risks skewed toward a brief dip below 6.6700, though they do not expect a sustained break.
The Chinese Yuan (CNH) has experienced slight gains against the US Dollar, with United Overseas Bank (UOB) strategists predicting a gradual increase towards 6.6640 over the next one to three weeks. Currently, the pair is hovering below the strong resistance level of 6.6850, which could potentially lead to a gradual decline. As long as the USD/CNH remains below this crucial resistance, a downward trend toward 6.6640 is possible. However, the strategists do not anticipate a sustained break below this level.
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