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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 has been working its way through the Mar 10 - Apr 9 slide, after bouncing near the KRW170.00 mark as the RSI returned from oversold territory. The evening star candlestick pattern which materialised halfway through this month failed to derail recovery. The 100-DMA eventually crossed above the 200-DMA, while the rate punched through the 38.2% retracement of the aforementioned Mar 10 - Apr 9 range, which capped gains on Apr 13.
- A clean break above the nearby 50-DMA at KRW172.46 would conclude the formation of a double bottom pattern, lending further support to the bullish case. Next topside target is located at the 50% Fibo level at KRW172.71.
- Conversely, a retreat under Apr 16/14 lows of Y170.62/170.57 would flash red light for bulls, shifting focus back to the round figure/Apr 9 low of KRW169.91.
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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