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USD/CNH outlook shifts as China’s RMB fixing guidance weakens
OCBC notes the CNH-CNY fixing gap has narrowed and daily adjustment pace has moderated, which could leave USD/CNH less anchored to RMB appreciation support.
OCBC’s Christopher Wong says market signals around Renminbi guidance are fading, pointing to a shift away from additional RMB appreciation. In particular, the CNH-CNY fixing gap has narrowed and the pace of daily fixing adjustments has moderated, suggesting policymakers are prioritizing currency stability over further appreciation.
FXStreet reports that with less official reinforcement for RMB strength, USD/CNH could become more influenced by broader US dollar moves, yield differentials, and China growth sentiment. The note flags this as a risk that could affect the currency pair’s downside path.
The report also cites current levels and technical zones, with USD/CNH last seen around 6.8060. It highlights two-way trading conditions, listing resistance near 6.8110 and 6.83, and support around 6.7910 and 6.7880.