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CNH: Advancing

NZD

NZD/CNH punched through resistance from Jul 31 high of CNH4.6959 and printed a fresh multi-month high of CNH4.7060 before easing off. The rate last sits at CNH4.6962, ~80 pips better off. NZD outperforms in G10 FX space as risk sentiment remains buoyant, while the yuan may have been limited by a touted intervention of Chinese state banks.

  • Bulls set their sights on Jan 1 high of CNH4.7291, this year's peak. On the flip side, a slide through Dec 17 high of CNH4.6709, a former breakout level, would bring the CNH4.6000 level into play. This round figure helped cushion losses on Dec 22 & 23.
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