UOB: USD/CNH Bias Turns Downward After Sharp Drop
United Overseas Bank analysts highlight a sharp USD/CNH drop to 6.7691, shifting the short-term bias to the downside. They see scope for further weakness, though the 6.7600 support is unlikely to be reached.
USDCNH
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann noted a sharp decline in USD/CNH, with the pair dropping to 6.7691. This move has shifted the short-term bias to the downside.
The analysts see scope for further weakness in the pair, but caution that the key support level at 6.7600 is unlikely to be reached in the near term. The outlook remains tilted towards USD selling pressure.
Source: FXStreet Forex News