UOB’s analysts expect USD/CNH to consolidate in the near term after recent declines, with downward pressure easing. Over the next 24 hours, they see the pair trading in a 6.7635–6.7755 range after it fell to 6.7635 and finished largely flat at 6.7688, a 0.02% dip, indicating momentum has softened.
Near-Term Consolidation and Momentum
UOB’s analysts expect USD/CNH to consolidate in the near term after recent declines, with downward pressure easing. Over the next 24 hours, they see the pair trading in a 6.7635–6.7755 range after it fell to 6.7635 and finished largely flat at 6.7688, a 0.02% dip, indicating momentum has softened.
Outlook for the Coming Weeks
For the 1–3 week horizon, the downside bias is still in place despite slower downward momentum. Their call continues to lean towards 6.7600, following last week’s reference point of 15 July when spot was 6.7720, while 6.7820 remains the level capping upside risk and must not be breached for the decline scenario to hold.
