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USD/CNH Hits Fresh Highs

CNH

USD/CNH has printed fresh highs close to 7.1580, which above highs from last Thursday. We are slightly lower now (last 7.1550/60). There doesn't appear to be a clear catalyst for this move, but onshore USD/CNY has opened firmer. This pair has push above 7.1460, which is also fresh highs going back to 2022. The equity tone is weaker for HK and China shares, so this is likely adding some pressure at the margins, along with easing talk in the background.

  • A sustained break above 7.1500 for USDCNH might expose bull channel top resistance, currently located around 7.1700.

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