United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann continue to hold a negative stance on the USD/CNH currency pair, citing a softened underlying tone despite relatively quiet recent price action [1]. In the past trading session, USD/CNH traded between 6.7181 and 6.7255, ultimately closing marginally higher by 0.01% at 6.7220 [1]. The analysts note that, intraday, there is scope for a modest drift lower, although the 6.7150 support is unlikely to come under threat in the immediate term. Resistance levels are identified at 6.7240 and 6.7280 [1].
Looking at the 1–3 week horizon, UOB reiterates its negative USD view, which has been in place since early this month. The analysts emphasize that downward momentum continues to increase, and a sustained break below 6.7200 would open the way toward the next key level at 6.7000, provided resistance at 6.7340 is not breached [1]. While the USD did dip below 6.7200, it did not close below this level, leading UOB to maintain its current outlook [1].
No specific market reactions or broader implications are discussed in the article, nor are there any analyst opinions beyond the technical outlook provided by UOB [1].
CONCLUSION
UOB analysts maintain a bearish bias on USD/CNH, focusing on the 6.7000 support level if the pair sustains a break below 6.7200. The outlook remains unchanged as long as resistance at 6.7340 holds, with no significant market reaction reported.