Chinese Yuan: Gradual decline within tight bands – UOB
United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann expect USD/CNH to edge lower intraday but stay confined to a narrow 6.6890–6.6960 range, with a clear break below 6.6890 seen as unlikely. Over one to three weeks, they see downside extending toward 6.6820 as momentum builds. On a one- to three-month view, they anticipate further gradual declines while the pair trades below the cloud near 6.7815.
Downward momentum points to lower levels
"24-HOUR VIEW: USD extended its decline from last Friday, dipping to a low of 6.6912. Downward momentum has increased, albeit just slightly. Today, we expect USD to edge lower, but it is likely to stay within a 6.6890/6.6960 range. In other words, it is unlikely to break clearly below 6.6890."
"1-3 WEEKS VIEW: In our latest update from last Friday (18 Sep, spot at 6.7035), we highlighted the following: “Downward momentum is building, and if USD breaks and holds below 6.7000, it could decline toward 6.6920. The likelihood of USD breaking clearly below 6.7000 will remain intact as long as USD holds below 6.7170 (‘strong resistance’ level).” USD subsequently broke below 6.7000 and yesterday, it declined further to 6.6912. Downward momentum continues to build, and USD could decline to 6.6820 next. On the upside, the ‘strong resistance’ level is now at 6.7020."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Federal Reserve’s Perli: The Fed’s bond purchases will be adjusted according to market conditions, monitoring signals of financing pressure, and maintaining ample reserves.
New York Fed official Perli stated that the current scale of reserve management bond purchases is zero, and future adjustments will be made according to "evolving market conditions," in order to implement the policy of keeping reserves within an ample range. The New York Fed will continue to monitor senior financial officials' assessments of market conditions and track signs of stress in the funding markets. Market participants expect a new round of large-scale net issuance of short-term Treasury bills in October.
After about one month of launch, the Grok Bot AI agent under SpaceX (SPCX.US) has surpassed 400,000 weekly users.
The AI agent product Grok Bot launched by SpaceXAI has surpassed 400,000 weekly users in about a month since its release, indicating a moderate early demand for the product.
Strategy CEO Phong Le Reveals the One Mistake Behind STRC's 25% Collapse
Anthropic launches the cost-effective Opus 5.5 large model ahead of IPO, intensifying the "cost reduction battle"
Anthropic PBC is launching a new artificial intelligence model designed to handle a wide range of enterprise tasks at a lower cost. The startup is preparing for a highly anticipated debut on Wall Street.
Crypto prices
More
