Chinese Yuan: Upside bias toward 6.7600 against US Dollar – UOB

United Overseas Bank’s Quek Ser Leang and Lee Sue Ann expect USD/CNH to remain in a narrow consolidation between 6.7680 and 6.7780 intraday after a lacklustre session. Over the next one to three weeks, Quek Ser Leang maintains a downside bias, still seeing scope for a move toward 6.7600 as long as 6.7820 strong resistance caps. Medium‑term, a sustained recovery would require a break above the 6.8430 21‑week EMA.

Dollar-Offshore Yuan retains mild downside bias

"24-HOUR VIEW: Yesterday, we expected USD to “consolidate between 6.7635 and 6.7755.” USD subsequently traded within a range of 6.7680/6.7763. The price action provides no fresh clues. Today, we expect USD to trade between 6.7680 and 6.7780."

"1-3 WEEKS VIEW: The following excerpt from our update yesterday remains valid: “Our most recent narrative was from last Wednesday (15 Jul, spot at 6.7720), when we highlighted that “downward momentum is increasing, and USD is likely to trade with a downside bias toward 6.7600.” While the downside bias remains intact as USD eked out a fresh low of 6.7635 yesterday, downward momentum has slowed somewhat. That said, there is still a chance for USD to decline to 6.7600 as long as 6.7820 (no change in ‘strong resistance’ level) is not breached.”"