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USD/CNH expected to drift lower toward 6.7300 if resistance holds
UOB expects intraday trading around 6.7500 to 6.7620, with a medium-term recovery requiring a break above the 21-week EMA near 6.8430.
FXStreet, citing United Overseas Bank analyst Quek Ser Leang, said USD/CNH is likely to trade slightly higher within a developing range, with intraday levels expected between 6.7500 and 6.7620.
On a one to three week horizon, the pair could continue to edge lower toward 6.7300 as long as 6.7640 continues to act as strong resistance.
The note also said that a sustained recovery would require USD/CNH to break above the 21-week EMA near 6.8430.
FXStreet added that the outlook is consistent with recent trading, including a shift into a higher range of about 6.7467 to 6.7592, but not enough to signal a sustained advance.