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USD/CNH Back Below 20-Day MA

CNH

CNH continues to follow broader USD trends. USD/CNH currently sits just above 7.0400, we did get to the low 7.0300 region overnight before support emerged. The pair has broken down through its 20-day MA (7.0530) for the first time since mid-August. Back then the move was a false break though, as we ultimately rebounded and moved to fresh highs. China markets remain closed, but Hong Kong markets return today.

  • The China Golden Dragon Index surged 5.44% in US trading overnight, in line with broad based tech gains.
  • The US is reportedly set to announce new restrictions on chip exports to China this week (see this link for more details). This may impact sentiment in the HSI tech space today, notwithstanding the positive offshore leads.
  • Against the majors, CNH is underperforming EUR. EUR/CNH is above its 200 day MA (7.0286), last at 7.0320. CNH/JPY is higher though, last just under 20.50.
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CNH continues to follow broader USD trends. USD/CNH currently sits just above 7.0400, we did get to the low 7.0300 region overnight before support emerged. The pair has broken down through its 20-day MA (7.0530) for the first time since mid-August. Back then the move was a false break though, as we ultimately rebounded and moved to fresh highs. China markets remain closed, but Hong Kong markets return today.

  • The China Golden Dragon Index surged 5.44% in US trading overnight, in line with broad based tech gains.
  • The US is reportedly set to announce new restrictions on chip exports to China this week (see this link for more details). This may impact sentiment in the HSI tech space today, notwithstanding the positive offshore leads.
  • Against the majors, CNH is underperforming EUR. EUR/CNH is above its 200 day MA (7.0286), last at 7.0320. CNH/JPY is higher though, last just under 20.50.