According to United Overseas Bank’s Quek Ser Leang, the USD/CNH currency pair continues to exhibit a downside bias in both the short-term (24-hour) and medium-term (1–3 week) horizons, with key support identified at 6.7600 and strong resistance at 6.7820 [1]. In the most recent trading session, the US dollar dipped to a low of 6.7662 against the Chinese yuan and closed 0.12% lower at 6.7700, indicating that downward momentum is building [1]. However, the analysis notes that this momentum is not yet sufficient to break below the 6.7600 support level, and for the downside trend to persist, the USD must remain below 6.7755 [1].
For the 1–3 week outlook, UOB maintains its view that downward momentum is increasing, with the USD likely to trade with a downside bias toward 6.7600, provided that the 6.7820 resistance is not breached [1]. The report also highlights that a more sustained recovery in USD/CNH over a 1–3 month period would require a move above the 21-week EMA, which is currently near 6.8430 [1].
No specific market reactions or analyst opinions beyond the technical outlook are provided in the source article. The focus remains on the technical levels and the conditions required for a shift in the current trend [1].
CONCLUSION
The USD/CNH pair remains under downside pressure, with key support at 6.7600 and resistance at 6.7820, according to UOB. While downward momentum is building, a clear break below support has not yet occurred, and a sustained recovery would require a move above the 21-week EMA near 6.8430.