MarketPR
The offshore yuan has pushed USD/CNH to the edge of a technical cliff, with the 6.7500 support level absorbing repeated tests and showing cracks.
A confirmed daily close below that mark, technical analysts warn, would open the next downside targets at 6.7200 and the psychologically significant 6.7000 — a move with direct read-throughs for Asia-focused exposures, including $ASIA.
6.7500: The Line the Chart Points To The 6.7500 level has acted as a floor for USD/CNH over several weeks, drawing buyers back on multiple occasions. Each successive test, however, has chipped at the level's credibility.
Analysts flag that repeated defense of a support zone tends to exhaust the buyers defending it, leaving the level increasingly vulnerable to a clean break. Two momentum reads have turned negative in tandem.
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