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USD/CNH Above 7.07, Fresh Highs Back To Early Dec 2022

CNH

USD/CNH has remained on the front foot post the fix, which firmer expected, but only at the margins. At the time of writing, we track close to 7.0750, fresh highs in the pair back to early Dec last year. Onshore spot has pushed higher in the first part of trade, the pair moving up to 7.0580/90, also fresh highs from Dec last year.

  • As we noted earlier, from a technical standpoint, the 7.0655 level represented an important potential resistance point (the neckline of a former head and shoulders reversal pattern). If we can sustain this breach 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 (see this link for more details).
  • Adding to negative headwinds is weaker onshore and HK equity sentiment. Tech related plays are being dragged lower by Alibaba, post its Q1 results from late yesterday.
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