Crypto & Forex July 7, 2026 0 Comments

Is the Chinese Yuan’s Quiet Range Trade Setting the Stage for a Major Breakthrough Against the US Dollar?

Ever find yourself wondering how stubborn a currency can be when it just refuses to break out of its cage? Well, the US Dollar versus the Chinese Yuan is doing just that — sticking snugly within a tight range, barely nudging upward toward 6.8000 despite some tempting bumps. It’s like watching a thriller where you expect a breakout plot twist… but the suspense just stretches on and on. UOB’s Quek Ser Leang nails it, pointing out that this pair seems pinioned between 6.7750 and 6.8080 for the next few weeks. Support levels at 6.7900 and 6.7850 seem to hold the fort, while major resistance at 6.8080 stands firm like a seasoned gatekeeper. So, is this range-bound stalemate a sign of calm before a storm or a peaceful plateau? Only time will tell, but for now, the dollar’s keeping its dance steps close to home—playing it safe, cautious, and stubbornly steady. LEARN MORE

UOB’s Quek Ser Leang notes that the US Dollar against the Chinese Yuan has stayed within the previously flagged range, with only modest upward momentum despite a push toward 6.8000. He still sees USD/CNH confined between 6.7750 and 6.8080 over the next 1–3 weeks, with nearby support at 6.7900 and 6.7850 and major resistance at 6.8080.

Dollar stays capped in defined range

“24-HOUR VIEW: Yesterday, we were of the view that USD “is likely to trade in a range between 6.7800 and 6.7930.” We were incorrect, as USD rose to a high of 6.7998. Despite the advance, upward momentum has not increased much. However, USD could potentially rise above 6.8000. The major resistance at 6.8080 is unlikely to come under threat. Support is at 6.7900, followed by 6.7850.”

“1-3 WEEKS VIEW: Last Wednesday (01 Jul, spot at 6.7920), we highlighted that the recent USD “strength has come to an end.” We also highlighted that USD “is likely to trade in a range between 6.7750 and 6.8080.” Yesterday (06 Jul, spot at 6.7855), we reiterated our view. We indicated the following: “Although USD has been edging lower since then, there has been no clear increase in downward momentum. In other words, there is no change in our view.””

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)