May 01, 2023 22:24 GMT
USD/CNH Above 200-Day MA, Onshore Markets Remain Closed
USD/CNH mostly followed broader USD sentiment through Monday's session. We got to the 6.9635/40 region, before moving slightly lower into the NY close. We last tracked around the 6.9580/90 level. This left CNH 0.5% weaker for Monday's session, compared to a 0.45% gain for the DXY.
- We are now above the simple 200-day MA, which comes in just above 6.9540. Next upside targets are likely to be close to 7.00, which is where previous YTD highs rest.
- A reminder that China markets are closed until Thursday for Labor day holidays. This means likely lighter liquidity in CNH and onshore CNY anchor point. Hong Kong markets do return today though.
- In US trade, the Golden dragon index lost 0.4%.