USD/CNH: Next on the downside comes 6.6500 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group Quek Ser Leang and Peter Chia suggested USD/CNH could grind lower to the 6.6500 level in the short-term horizon.

Key Quotes

24-hour view: “USD dropped sharply to 6.6724 last Friday before rebounding to close at 6.6975 (-0.46%). The rebound amidst oversold conditions suggests that USD is likely to consolidate and trade sideways for today, expected to be between 6.6720 and 6.7150.”

Next 1-3 weeks: “Our latest narrative was from last Wednesday (18 May, spot at 6.7470) where we indicated that USD is in the early stages of a pullback. We highlighted that support is at 6.7000 followed by 6.6700. USD dropped to 6.6724 on Friday before rebounding. Despite the rebound, it is premature to expect an end to the pullback. As long as 6.7550 (‘strong resistance’ level) is not breached, USD could break 6.6700. The next support is at 6.6500.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD eases to four-week lows near 1.1650

EUR/USD now loses further momentum and recedes to multi-week lows near 1.1650 on Thursday. The pair’s extra retracement comes on the back of the persistent bid tone in the US Dollar as investors continue to gear up for the release of the December NFP figures on Friday.

GBP/USD: Further weakness could challenge 1.3400

GBP/USD remains under unabated selling pressure on Thursday, slipping to fresh three-day lows around 1.3415 in response to further improvement in the sentiment surrounding the Greenback ahead of Friday’s key NFP data.

Gold bounces back to its comfort zone

Gold now manages to regain some balance, fading its earlier pullback to the proximity of the $4,400 region per troy ounce and reshifting its attention to the $4,450 zone on Thursday. The yellow metal’s move lower comes in response to a better tone in the Greenback and the generalised recovery in US Treasury yields.

Crypto Today: Bitcoin, Ethereum, XRP extend decline as ETF outflows pose headwinds

Bitcoin struggles with selling pressure as institutional investor sentiment deteriorates. Ethereum hangs onto the 50-day EMA lifeline amid growing overhead risks and the resumption of ETF outflows.

2026 economic outlook: Clear skies but don’t unfasten your seatbelts yet

Most years fade into the background as soon as a new one starts. Not 2025: a year of epochal shifts, in which the macroeconomy was the dog that did not bark. What to expect in 2026? The shocks of 2025 will not be undone, but neither will they be repeated.

XRP slides as institutional and retail demand falters

Ripple is trading down for the third consecutive day on Thursday amid escalating volatility in the cyrptocurrency market. After peaking at $2.41 on Tuesday, its highest print since November 14 amid the early-year rally, XRP has quickly ran into aggressive profit-taking.