UOB analysts expect the yuan pair to retest 6.8000 in coming weeks despite near-term support holding at 6.7600.
The USD/CNH pair spiked to 6.7980 before retracing, closing near 6.78 with minimal change. UOB analysts note subdued upward momentum but anticipate a test of 6.8000 over the next one to three weeks, provided support at 6.7600 holds.
Recent movements saw the pair break above 6.7880 resistance before pulling back, aligning with UOB’s prior forecast. The near-term outlook suggests a lower range of 6.7740–6.7900, with any declines likely contained within this band.
Despite the pullback, the broader expectation remains for another push toward 6.8000, contingent on sustained support above 6.7600.