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No "Cliff Edge" For Chinese MonPol


: USD/CNH coming off session lows after the head of the National Development and Reform Commission of the People's Republic of China (NDRC) says there will be no sudden shift in monetary policy in 2021.

  • The pair last down 63 pips at 6.4908, off session lows at 6.4873. Bulls will seek a break of yesterday's US session low at 6.4950 to confirm a reversal on the day, above here resistance is seen at the 6.50 handle which was rejected during Asia yesterday. Intraday support is at 6.4842 the lower channel of the latest uptrend, yesterday's Asia session low of 6.48, while 6.44 is an important level for the PBOC, and cycle low of 6.4123 still in focus.

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