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Free AccessCNH: Advances After Rejecting Fibo Support Level
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.