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USD/CNH Consolidating Above 20-Day EMA, 1- & 5-Year MLF On Tap

CNH

USD/CNH is steady in early dealing, little changed from Thursday's closing levels sitting at 7.3354/74.

  • On Thursday the pair continued to consolidate above the 20-Day EMA (7.3138), the pair printed its highest level since 11 September before paring gains finishing up ~0.1%.
  • Technically the uptrend remains firmly intact, bulls look to break the high from 7 Sep (7.3682) which opens the 7.40 handle. Bears immediate focus is on a break of the 20-Day EMA, the 200-Day EMA comes in at 7.1318.
  • Due this morning we have the 1- and 5-Year MLF rate decisions. There is no change with both expected to be held steady at 3.45% (1 year) and 4.20% (5 year)

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