Yuan Extends Gains as USD/CNH Eyes Support at 6.7420
UOB analysts see a soft USD/CNH tone with scope to test the 6.7420 support in the near term.
USDCNH
The Chinese yuan maintains a bullish bias against the US dollar, according to analysts at United Overseas Bank (UOB). Quek Ser Leang and Lee Sue Ann note that USD/CNH is trading with a soft underlying tone.
In the short term, the pair has room to test support levels near 6.7420. A sustained break below this area would reinforce the downside momentum, though further details were not provided in the clipped note.
The view aligns with a broader yuan appreciation theme as the dollar faces pressure. Traders will watch the 6.7420 handle for a potential breakdown.
Source: FXStreet Forex News