UOB analysts see further downside for the US dollar against the yuan after a sharp drop to 6.7691.
The US dollar fell sharply against the offshore Chinese yuan, with USD/CNH dropping to 6.7691, prompting a shift in short-term bias toward yuan strength. Analysts noted the move but do not expect the pair to break below 6.7600 support in the near term.
The decline follows recent pressure on the dollar amid shifting market expectations for US monetary policy. Prior to the drop, USD/CNH had traded in a tighter range, with resistance levels holding firm.
No immediate market reaction was specified, though the shift in bias may influence short-term trading strategies in Asian currency markets.