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Figure Heloc UOB’s Quek Ser Leang and Lee Sue Ann report a sharp rebound in USD/CNH above 6.78, which invalidated their prior bearish view. They now see the pair as neutral, expecting consolidation between 6.7620 and 6.7980 near term, with 6.7850 and 6.7980 acting as key resistance levels.
💡 DMK Insight
USD/CNH just bounced back above 6.78, and here’s why that matters: This shift signals a potential shift in market sentiment, especially after the previous bearish outlook. With the pair now expected to consolidate between 6.7620 and 6.7980, traders should keep an eye on those levels. If the price can break above 6.7980, it could trigger further bullish momentum, impacting not just USD/CNH but also related pairs like AUD/CNH and EUR/CNH. The broader context here is the ongoing volatility in the forex market, influenced by economic data releases and geopolitical tensions. But don’t ignore the flip side—if the pair fails to hold above 6.78, it could lead to renewed bearish pressure, especially if it dips back below 6.7620. Watch for any economic indicators that could sway sentiment, particularly around U.S. interest rates or Chinese economic data. For now, keep your charts focused on those resistance levels and be ready to adjust your strategies accordingly.
📮 Takeaway
Monitor USD/CNH closely around 6.7620 and 6.7980; a break above 6.7980 could signal bullish momentum.
