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USD/CNH seen with downside bias toward 6.7600

UOB expects the downside view to persist unless USD breaks above the 6.7820 resistance zone over the next one to three weeks.

Reported · Written up by our desk · Major Pairs

FXStreet, citing United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann, said the USD/CNH move is showing worsening downside momentum after the pair slipped to 6.7653.

In the near term, they flagged a potential test of major support at 6.7600, while noting USD should stay below 6.7780. They also pointed to minor levels around 6.7720 on the upside and 6.7660 as another support area.

On a one to three week horizon, the Dollar is expected to trade with a downside bias toward 6.7600 as long as strong resistance near 6.7820 is not breached. The analysts said holding below that resistance keeps their view intact.

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