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CNH: Advances After Rejecting Fibo Support Level

EUR

EUR/CNH printed its worst levels since late Nov Wednesday, but failed to punch through support from the 76.4% retracement of the Nov 18 - Dec 30 rally at CNH7.8149. The rejection of that level was followed by today's move off multi-month lows. The rate has added ~150 pips and last trades at CNH7.8370.

  • Implied 1-month EUR/CNH volatility has edged higher today, but still hovers just above the lowest levels since Feb. The 1-week tenor has extended its bounce off a 9-week low printed on Tuesday.
  • A break above Jan 19 high of CNH7.8730 would support the bullish cast, bringing the 50-DMA at CNH7.8921 into play. Conversely, a clean breach of the aforementioned Fibo support at CNH7.8149 would turn focus to the nearby CNH7.8000 figure.
  • The ECB MonPol decision takes centre stage in the eurozone today.
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