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USD/CNH Nears Most Technically Overbought Since September

CHINA
  • USD/CNH's creep higher puts the pair at the best levels of the session through the London close, however Friday's highs still sit above at 7.0750. Pair's mainly been benefiting from the uptick in US yields, with the 10y showing just above lasty week's best levels to touch 3.721% - the highest since mid-March.
  • Today's uptick has put the pair back into overbought territory, with the 14d RSI just north of 70 and inline with levels seen late last week. This is the highest level for the technical measure since September last year - which was followed by a ~3% pullback in the pair over the subsequent two weeks.
  • Moves comes after the Chinese authorities issued their first warning over the pace of CNY depreciation last week - stating that they will curb speculation "when necessary" and maintain FX stability.
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