Analysts at UOB see further downside for the Dollar against the Yuan after breaking key support at 6.7200.
The USD/CNH pair slipped to 6.7166 and closed lower, with UOB analysts noting increasing downward momentum. The pair breached the 6.7200 support level, now targeting 6.7000 if the decline persists.
UOB has maintained a negative Dollar view against the Yuan since early August, citing rising bearish momentum. The next resistance level is set at 6.7300, which could invalidate the current downtrend if breached.
Short-term, the pair may dip below 6.7150 but is unlikely to reach 6.7100 based on current momentum. Resistance levels are identified at 6.7210 and 6.7250.