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USDCNY bearish pressure continues to dominate and the downtrend has resumed again today.
- The pair, as highlighted earlier this morning, is flirting with long-term trendline support drawn off the Jan 14, 2014 low.
- The trendline intersects at 6.3960 today and currently the pair is trading below the line.
- The move lower reinforces underlying bearish conditions and despite being in oversold territory signals scope for further Yuan appreciation.
- Key levels to watch:
- SUPP 1: 6.3871 - Low Jun 6, 2018
- SUPP 2: 6.3554 - Low May 17, 2018
- SUPP 3: 6.3292, Low May 11, 2018 and a key support
- Key resistance has been defined at 6.4579, May 13 high where a break is required to ease bearish pressure.
Source: 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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