United Overseas Bank analysts note the yuan’s sharp decline against the dollar, with momentum pointing to further gains toward 6.8300.
The offshore yuan weakened sharply against the dollar, with USD/CNH spiking to 6.8195 before stabilizing. UOB analysts describe the move as overdone, expecting intraday consolidation between 6.8030 and 6.8185.
Earlier projections saw limited upside momentum, but the pair broke past 6.8000 faster than anticipated. The 1-3 week outlook remains bullish for the dollar, with 6.7900 acting as strong support and 6.8300 as the next target.
The surge in momentum suggests further upside potential, though near-term consolidation is likely after the rapid ascent.