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Free AccessTechnical Recap After USD/CNH Clears Key Resistance Levels
USD/CNH has started the week on a firm note, trading as high as CNH6.8754 on Monday as the broader USD rallied. Worries surrounding the Chinese economy have generated a favourable yield differential environment (vs. CNH) in recent weeks, facilitating a bid in the cross.
- A reminder that our technical analyst noted the following on Monday:
- Friday’s gains saw USD/CNH pierce key resistance at CNH6.8380, the May 13 high. Monday’s move then confirmed a clear break of this resistance.
- The move higher confirms a resumption of the uptrend that started late February 2022.
- This suggests potential for an extension near-term and note that the pair has pierced an important retracement level at CNH6.8563 - 61.8% of the 2020-2022 bear cycle.
- Moving average studies remain in a bull mode, highlighting the current market sentiment.
- The focus is on the CNH6.9000 level next.
- The 20-day EMA at 6.7814 marks initial support.
- The key short-term trend support has been defined at 6.7164, the Aug 10 low.
Source: MNI - Market News/Bloomberg
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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.