USD/CNH Outlook: Break below 7.1700 Seems Unlikely, Analysts Weigh In
Analysts from UOB Group assess the US Dollar against the Chinese Yuan, suggesting a decline might test the 7.1700 level. However, a clear break below this pivotal level appears unlikely. Longer-term, indicators signal building downward momentum. For a sustained decline, the USD must first close below 7.1700, according to analysts Quek Ser Leang and Peter Chia. Market participants should be cautious and consider risk factors as the USD/CNH pair continues to navigate through these levels, adapting their strategies based on emerging trends and data.