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CNH Dragged Lower By Weaker Equity Impulse

CNH

USD/CNH has broken above Friday session highs (near 6.9060), touching 6.9085 before modest selling interest emerged. Highs from Wednesday last week, just above 6.9100 will now be in focus. Note the simple 200-day MA sits just under 6.9500. Onshore spot is also gravitating higher, with USD/CNY now through 6.9000.

  • Weakness looks driven by similar themes towards the end of last week, with local equities opening softer in early dealings. The Chinext down ~1%, while the CSI 300 is off by ~0.4%, which is very close to its own simple 200-day MA.

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