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Offshore Yuan Hits Multi-Year Highs

CNH

USD/CNH continues to lose ground, the pair touched a low of 6.4009 heading into Monday's European session before recovering slightly. The rate is under pressure again at the start of the Asia-Pac session on Tuesday, last down 23 pips at 6.4037.

  • Major support is at the 6.40 figure, below this support is seen at 6.3832 the June 14 2018 low, 6.3749 the June 7 2018 low and 6.3732 the May 24 2018 low. The move from lows of 6.2361 in March 2018 was followed by a 5-month run higher to 6.95.
  • CNH forwards do not demonstrate the same pressure on the rate, 1-month CNH forward rates have fallen 40 pips today to 6.4152, suggesting this move could be exaggerated due to the LNY holiday.
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