OCBC analysts see the yuan steadying around 6.79 against the dollar, with two-way moves guided by the daily fix and broader USD trends.
The Chinese yuan is expected to remain rangebound against the US dollar, with the People’s Bank of China’s daily fix anchoring USD/CNH near 6.79. Analysts note the fix has stayed stable, signaling comfort with two-way volatility rather than a directional push for appreciation or depreciation.
Support levels are seen at 6.7660 and 6.7540, while resistance lies at 6.78, 6.7840, and 6.80. Mild bearish momentum persists on daily charts, but broader USD movements and China’s external surplus remain key drivers of the pair’s near-term direction.
USD/CNH last traded at 6.7720, with the PBoC’s steady fix suggesting no immediate shift in policy stance. The pair’s recent tight clustering around 6.79 reflects measured two-way moves rather than a strong trend.