Free Trial
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 moved further away from May 18 cycle high of KRW175.09, but the nearby 23.6% retracement of the Apr 9 - May 18 rally at KRW175.06 has remained intact so far. Meanwhile, the RSI crossed below the 70 threshold, returning from overbought territory and sending a bearish signal.
- The aforementioned Fibo level provides the initial layer of support and a clean break here would give bears a green light for targeting May 10 low/50% retracement of the Apr 9 - May 18 rally at KRW173.34/173.28.
- Conversely, a jump above May 18 high of KRW176.65, the strongest level since Mar 2020, would give bulls a fresh impetus. The next topside target is located at KRW178.23, which represents the 76.4% recovery of the Mar 19, 2020 - Dec 7, 2020 slide.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok