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USD/CNH Back Sub 7.00

CNH

CNH has continued to strength, now up 0.50% versus closing levels from the end of last week. USD/CNH was last around 6.9850/60, with earlier lows close to 6.9800. This is the first move back below 7.00 since mid September. Optimism around re-opening continues to drive sentiment, after curbs were eased again over the weekend.

  • On the downside the September 12 low of 6.9108 is a potential target. The 200-day EMA sits back at 6.8699. Note the 100-day is at 7.0306 on the topside.
  • The firmer CNH is spilling over to the majors, although JPY is an underperformer. The A$ and NZD are up off earlier lows, particularly the AUD.
  • USD/KRW 1 month is also threatening to break below recent support under 1295.
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