Forex
UOB Warns USD/CNH at Risk of Further Decline Below Key Threshold
UOB's analysts Quek Ser Leang and Lee Sue Ann maintain a negative stance on the US Dollar against the Chinese Yuan, despite recent price movements.
The pair has been trading within a narrow range of 6.7033-6.7074, with a closed unchanged at 6.7067.
The analysts expect any decline to be part of a lower range between 6.7020 and 6.7100, rather than a significant breakout.
They warn that if the USD breaks and holds below 6.7000, it could decline further to 6.6900.