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Free AccessEURCNH continues to push higher..........>
CHINA YUAN: EURCNH continues to push higher trading at 7.9490 and approaching
the August 2017 peak of 8.0010. After yesterday's bullish break the pair has
regained upside momentum and a break of the August 2017 would leave very little
resistance all the way to 8.7000.
-CNHJPY is testing its July 3 high at 6.0730 following yesterday's break of the
bull flag. A close above this level would confirm a double bottom formation from
the Feb and May lows, targeting a move all the way up to 6.5000. The ongoing
collapse in Chinese rate expectations suggests such a move has fundamental
support.
- CNHKRW has fallen to a fresh 6-month low today and trades at 166.58 currently.
Both currencies continue to show a close correlation with each other albeit with
the CNH's weakness more intense over recent days. The next level of support
comes in at 165.00, which marks the uptrend support line from the March 2017
lows.
To read the full story
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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.