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EURCNH is at risk of losing its grip.....>

CHINA YUAN
CHINA YUAN: EURCNH is at risk of losing its grip on the 8.0 level, which would
mark yet another failure on the part of bulls to sustain a break above this
level. Attention would then turn to the 21-dma at 7.9661, with a break below
there needed to shift the focus lower. 
- The euro is benefitting from the recovery in Italian bonds which is helping to
drive German yields higher, while the yuan is benefitting from a strong recovery
in equities and hawkish comments by Premier Li earlier today. 
- GBPCNH is testing resistance-turned-support at the 9.0 level, which needs to
hold to prevent potential bearish reversal in the pair.  

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