UOB revises its bearish forecast as the dollar-yuan pair rebounds sharply, now expecting consolidation between 6.7620 and 6.7980.
UOB analysts now view USD/CNH as neutral after the pair surged above 6.78, invalidating their prior bearish outlook. The rebound, which reached 6.7817, suggests consolidation between 6.7620 and 6.7980 near term, with resistance at 6.7850 and 6.7980.
Earlier this week, UOB had maintained a negative stance on USD, expecting further declines unless the pair breached 6.7800. The sharp rally erased downward momentum, prompting the shift to neutral. Support levels are now seen at 6.7700 and 6.7660.
Longer-term, the rebound may extend toward 6.9720, though near-term trading is expected to remain range-bound.