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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.
CNH
CNH/KRW is on the upswing after a temporary setback, which saw the rate reject resistance from its 2020 high and pull back in tandem with the RSI's slide below the 70 threshold. The latest sell-off was limited by the 23.6% retracement of the Apr 9 - Aug 17 rally at KRW179.07 and the pair bounced off there, piercing the top of a descending channel drawn off its earlier YtD high. This rebound allowed CNH/KRW to complete a bullish flag pattern, signalling the return of topside momentum.
- The next formidable layer of resistance is provided by KRW181.90, where the rate peaked on Aug 17. It is located in close proximity to the 2020 market top at KRW182.07, printed during the market crash in the early days of the global pandemic of Covid-19. A clearance of these levels would represent an important bullish development.
- Bears bet on another dissipation of buying impetus, which could result in a move under the aforementioned Fibo support at KRW179.07. A clean break here would shift downside focus to Aug 9 low of KRW176.50, followed by Jul 15 low/50% retracement of the Apr 9 - Aug 17 upswing at KRW176.06/175.91.
Fig. 1: CNH/KRW
Source: MNI - Market News/Bloomberg
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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