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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
USDCNH has traded higher this week and confirmed a resumption of the bull trend that started mid-January.
- Technical trend signals highlight an uptrend for example, moving average studies are in a bull-mode position.
- Note too that this week’s breach of key resistance at 6.9971, the Mar 8 high, represents an important bullish short and medium-term price development.
- The pair is approaching two important resistance points (see chart):
- The neckline of a former head and shoulders reversal pattern. The line intersects at 7.0655.
- If this level is breached, it would signal scope for a climb further out towards the top of a bull channel that is drawn from the Feb 2 low. The channel top intersects at 7.1313 today.
- Initial support lies at 6.9971 and 6.9425, the 20-day EMA.
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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