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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.
SGD
SGD/CNH formed an evening star candlestick pattern, an early sign of an imminent bearish reversal. The pattern unfolded as the pair failed to come into contact with the nearby 76.4% recovery of the Dec 31, 2020 - Feb 8, 2021 sell-off at CNH4.9033 and pulled back from there.
- The rate has defied these bearish technical signals today and has managed to add 44 pips as of yet. It last changes hands at CNH4.8903.
- A break above Feb 23 high/aforementioned Fibo level at CNH4.9010/4.9033 would signal that bulls are retaking control. The next layer of resistance is located at CNH4.9272, where the rate topped out on the last day of 2020.
- Should the rate eventually turn its tail today, bears would look for a break under the 50-DMA at CNH4.8778. Below there would give them a green light for targeting Feb 15/17 lows of CNH4.8373/4.8371.
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.
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