UOB analysts maintain a bearish outlook for the offshore yuan, targeting 6.7600 if resistance at 6.7820 holds.
The offshore Chinese yuan (USD/CNH) is expected to retain a mild downside bias, with UOB analysts targeting a move toward 6.7600 over the next one to three weeks. The pair remains capped by strong resistance at 6.7820, reinforcing the bearish outlook unless a break above this level occurs.
Intraday, USD/CNH consolidated between 6.7680 and 6.7780 after a lackluster session, with no fresh directional cues. Downward momentum has slowed slightly, but the bias remains intact following a recent low of 6.7635. A sustained recovery would require a break above the 21-week exponential moving average at 6.8430.
Analysts noted that yesterday’s trading range of 6.7680 to 6.7763 provided no new signals, with expectations for continued consolidation between 6.7680 and 6.7780 in the near term.