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USD/CNH Close To Downside Test Of 200-Day EMA, Xi's Russia Visit Continues

CNH

Monday session highs in USD/CNH came in around the APAC/EU cross over, with the pair topping out around the 6.9070 level. From there we retraced back towards 6.8700 but couldn't breach this level, and we currently sit around 6.8750, which is within recent ranges for the pair. CNH gained just under 0.2% for Monday's session, although the NEER (J.P. Morgan index), slipped 0.2% to 125.82.

  • From a technical standpoint, the 200-day EMA sits nearby in the low 6.8700 region. Breaks sub the 200-day EMA haven't been sustained through March. Other key EMAs sit higher, capped by the 100-day around 6.9080.
  • The local data calendar is empty for the next few sessions. Focus is likely to rest on President Xi's trip to Russia, which started yesterday and continues for the next 2 days.
  • Focus remains on closer ties between the two countries, as well as China efforts to help end the conflict in the Ukraine.
  • In the equity space, the China Dragon index lost 1.07% in Monday trade, underperforming the generally positive equity elsewhere (although tech related plays lagged more broadly).
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