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Forex

Chinese Yuan Eyes 6.7000 Target as US Dollar Bears Mount

Guavy AI Editorial Team
Instruments
USD
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According to UOB's Quek Ser Leang and Lee Sue Ann, the Chinese Yuan has been steadily gaining against the US Dollar. The USD/CNH rate slipped to 6.7166 before closing slightly lower.

The analysts have held a negative view of the Dollar against CNH since early August and now flag 6.7000 as the next level to watch if 6.7200 is broken.

While short-term downside momentum is building, UOB believes that resistance at 6.7210 and 6.7250 could invalidate any bearish scenario.

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