Bearish
UOB forecasts USD/CNH to target 6.6950 amid mid-term yuan strength
UOB strategists project a bearish trajectory for USD/CNH, targeting 6.6950 as the pair faces limited upside potential and sustained downward pressure in the mid-term. They anticipate the pair to trade between 6.6950 and 6.7270 over the next 1–3 weeks, with a broader outlook for gradual downside as long as the price remains below the 6.7815 cloud level.
Key points
- UOB strategists identify a bearish bias for USD/CNH with an immediate target of 6.6950.
- The pair is expected to consolidate between 6.6950 and 6.7270 over the next 1–3 weeks.
- A mid-term decline is anticipated provided the exchange rate stays below the 6.7815 resistance level.
Sources
AI-generated from public news sources. Not financial advice.
