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USD/CNH Settles Into 7.3500/7.3600 Range, 20220 Highs In Focus

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USD/CNH has settled into the 7.3500/7.3600 range post the spike after the CNY fixing outcome (we opened near 7.3420). We hit fresh highs of 7.3612 before moving back into this range. USD/CNY spot has opened up firmer onshore as well, around +0.25% above closing levels from yesterday. This pair last near 7.3465/70, fresh highs back to late 2007. Onshore media highlighted today that the CNY may not see a major rebound against the USD in the near term.

  • The upside ceiling on USD/CNY today is 7.3593, (+2% above today's USD/CNY fixing level).
  • For USD/CNH the upside focus is on 2022 highs, which printed at end October at 7.3749. CNH forward points are elevated though, the T/N at +2.43, albeit below mid August highs. 1m sits at -42.50, up from recent lows, but below August highs.
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USD/CNH has settled into the 7.3500/7.3600 range post the spike after the CNY fixing outcome (we opened near 7.3420). We hit fresh highs of 7.3612 before moving back into this range. USD/CNY spot has opened up firmer onshore as well, around +0.25% above closing levels from yesterday. This pair last near 7.3465/70, fresh highs back to late 2007. Onshore media highlighted today that the CNY may not see a major rebound against the USD in the near term.

  • The upside ceiling on USD/CNY today is 7.3593, (+2% above today's USD/CNY fixing level).
  • For USD/CNH the upside focus is on 2022 highs, which printed at end October at 7.3749. CNH forward points are elevated though, the T/N at +2.43, albeit below mid August highs. 1m sits at -42.50, up from recent lows, but below August highs.