UOB Sees Yuan Strengthening Toward 6.7300 Against Dollar
United Overseas Bank analysts expect the offshore yuan to extend gains in the coming weeks, with USD/CNH potentially sliding to 6.7300 as long as resistance at 6.7640 holds.
USDCNH
UOB’s Quek Ser Leang notes that the dollar-yuan pair is trading in a developing intraday range between 6.7500 and 6.7620, with expectations of a slight near-term uptick for the dollar. However, the broader outlook remains tilted in favor of the Chinese currency.
Over a 1–3 week horizon, the pair could continue to edge lower toward the 6.7300 level, provided the 6.7640 resistance stays intact. A break below this threshold would mark further yuan strengthening, while a move above 6.7640 would invalidate the downside target.
Source: FXStreet Forex News