USD/CNH: Bearish momentum nears key supports – OCBC

FXStreet Insights Team FXStreet

OCBC strategists Sim Moh Siong and Christopher Wong note that USD/CNH has fallen sharply on a stronger Chinese Yuan (CNY) fix and improved risk sentiment following the US-Iran ceasefire. They still expect a measured pace of CNH (Offshore Renminbi) appreciation but highlights key technical supports around 6.82 and below. Wong stresses close monitoring of the daily fix and the upcoming Trump-Xi meeting in Beijing.

RMB appreciation trend tests support

"USD/CNH fell sharply overnight, taking cues from a much stronger CNY fix (6.8680 vs. 6.8854 the day before). This is also the lowest USD/CNY fix since Apr 2023, reinforcing the trend of guided RMB appreciation since Apr 2025."

"Elsewhere, broader sentiment switched to risk-on, following the 2-week ceasefire deal and triggered an unwinding in safe-haven USD demand."

"While we continue to look for a measured pace of RMB appreciation, we would still watch the fix closely for any signs to moderate the pace or to increase the pace of appreciation especially as we inch closer to Trump-Xi meeting in Beijing on 14-15 May."

"USD/CNH last seen at 6.8335 levels."

"Immediate support around 6.8200/70 levels (double bottom). Decisive break out puts next support at 6.81, 6.79 levels."

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

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD strengthens beyond mid-1.3300s vs weak USD amid fresh Iran diplomacy hopes

The GBP/USD pair builds on Friday's modest bounce from a three-week low and gains strong follow-through positive traction at the start of a new week. This marks the second straight day of a positive move and lifts spot prices above mid-1.3300s during the Asian session amid a broadly weaker US Dollar.

EUR/USD holds gains near 1.1400 as USD slips on Iran diplomacy hopes

EUR/USD holds sizeable gains near the 1.1400 mark in the European session on Monday. The intraday strength is sponsored by a broadly weaker US Dollar, weighed down by renewed optimism over a diplomatic resolution to end a five-month-old US-Iran war.

Gold sticks to gains as falling oil ease inflation fears and temper Fed rate hike bets

Gold (XAU/USD) sticks to modest intraday gains heading into the European session on Monday, though it struggles to build on the momentum beyond the $4,100 mark as bulls seem hesitant ahead of the crucial FOMC meeting this week. In the meantime, reviving hopes for a diplomatic resolution to end a five-month-old US-Iran war led to an intraday slump in crude oil prices.

Cardano: Under pressure as bearish derivatives cap recovery

Cardano remains under pressure, trading lower at $0.165 on Monday after mild losses in the previous week. Weakening derivatives metrics and subdued momentum indicators suggest that ADA's upside move remains limited, keeping downside risks in focus. Derivatives data for Cardano shows bearish sentiment among traders.

Australian Dollar outlook: Chances of another rally won’t be decided in Canberra, but in Washington

The Australian Dollar rode a rollercoaster in the first half of the year, hitting a four-year high and then correcting. The currency enters the second half with an outlook full of uncertainty due to renewed hostilities in the Middle East, which clouds the inflation outlook and interest rates.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.