Chinese Yuan Weakness Extends After Breakout, UOB Says
UOB analysts highlight a sharp USD/CNH spike to 6.8195, with intraday consolidation expected between 6.8030 and 6.8185.
USDCNH
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Ann report that the Chinese yuan's weakness has extended following a breakout against the US dollar. USD/CNH spiked sharply to 6.8195, but the move appears overdone.
On an intraday basis, the pair is expected to consolidate within a range of 6.8030 to 6.8185. The analysts suggest the recent upside momentum may pause as the market digests the sharp rally.
Source: FXStreet Forex News