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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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CHINA YUAN: After a brief rise erased half of todays losses in USDCNH, the pair
has dropped back to near daily lows at 6.8440. A weekly and monthly close below
6.85 would keep alive hopes of a bearish reversal pattern, which is supported by
the continued inversion of the implied volatility curve. 
- EURCNH has also dipped back below 8.0 after closing above this level yesterday
for the first time since 2014. Yuan bulls need to prevent a monthly close above
this level to help prevent further gains in the pair. 

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