Chinese Yuan: Mild gains likely against US Dollar while support holds - UOB
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann see slightly stronger downward momentum in USD/CNH after the pair eased from recent highs. For the next 24 hours, they expect the Dollar to edge lower but stay above strong support at 6.6530, with resistance at 6.6720.
UOB strategists Quek Ser Leang and Lee Sue Ann forecast a slight downward trend in the USD/CNH exchange rate as it cooled from recent peaks. They anticipate the dollar to experience a marginal decline in the next 24 hours, but remain above a critical support level of 6.6530, with resistance at 6.6720. For a week-long outlook, a close above 6.6855 would be necessary to confirm a more significant recovery.
In the 24-hour period, the dollar initially reached a high of 6.6855 but later retreated. The article highlights that the recent decline has room to continue, but lacks evidence of accelerating downward momentum, suggesting the dollar is expected to remain within a range of 6.6620/6.6800. Any drop is unlikely to break the robust support at 6.6530, while resistance is positioned at 6.6720.
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